Company Act needs amendment to make it time-befitting: Commerce Secretary

Company Act Needs Amendment To Make It Time-Befitting: Commerce Secretary

Commerce Ministry’s Senior Secretary Tapan Kanti Ghosh said on Saturday that the country’s Company Act needs to be amended and modernized in line with the global perspective for sustainable financial growth.

The Company Act has been amended in 1994, which needs to be more up-to-date in the perspective 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 journalists workshop titled “Investigative Journalism on Company Reporting”, held at ERF Auditorium on Saturday.

In order to develop skilled of economic reporters, the program was jointly organized by Management and Resources Development Initiative (MRDI) and Economic Reporters’ Forum (ERF).

The four-part workshop was chaired by ERF President Sharmeen Rinvy. Barrister Nihad Kabir, chairperson 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), Hasibur Rahman, Executive Director MRDI, 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 inclusive of all relevant issues after 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 rising to encourage market competition.

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 are complications in several cases in company law. Many people get into trouble when they go to liquidate a company. That is why many are not going to end the legal process”

In response to a question, Nihad Kabir said there is no option to produce a complete new Company Act, it should be a consequence of previous Company Act as well as World Trade Organization (WTO) and other international rules and regulations.

She said the problems that have arisen with the passage of time need to be rectified in the new amendment of the Company Act.

AFP bureau chief Shafiqul Alam outlines what aspects the reporter needs to look at in preparing an investigative report on the company.

He said that not only financial irregularities but also the impact of the company’s activities on society and human life and its impact on the environment could be the subject of investigation reporting.

Hasibur Rahman said the MRDI works to improve the skills of journalists including investigative journalism.

To this end, MRDI assists individual reporters and organizations with financial and logistical support, he said.