Company Act needs amendment: Commerce secretary

The existing Company Act of the country needs to be amended and modernised in line with the global perspective for sustainable financial growth, commerce ministry’s senior secretary Tapan Kanti Ghosh said on Saturday, reports UNB.

The Company Act was last amended in 1994 and it needs to be made time-befitting to adopt so many changes in the global economy and trading system, he said.

The commerce secretary came up with remarks while addressing as the chief guest in the opening session at a workshop titled “Investigative Journalism on Company Reporting” held at ERF auditorium.

The programme was jointly organised by Management and Resources Development Initiative (MRDI) and Economic Reporters’ Forum (ERF).

The four-part workshop was chaired by Sharmeen Rinvy, ERF President, Barrister Nihad Kabir, chairperson of BUILD (Business Initiative Leading Development) and former president of Metropolitan Chamber of Commerce (MCCI), Shahidul Islam CFA, former president CFA Society Bangladesh, Shafiqul Alam, bureau chief of Agency France Press (AFP), among others, spoke in the function. ERF secretary SM Rashedul Islam Moderated the program.

Tapan Kanti Ghosh said the government has taken initiative to amend the Company Law to make it inclusiveafter reviewing various aspects of the economy.

He said in the free market economy, it is the responsibility of the state to ensure fair prices of goods and services.

The government is trying to do that along with creating a competitive environment for business and productions, the senior commerce secretary said.

Barrister Nihad Kabir said there as problems have arisen with the passage of time the law need to be rectified.