MCCI workshop on amendment of Companies Act

FE Report Metropolitan Chamber of Commerce and Industry (MCCI), jointly with Bangladesh Investment Climate Fund (BICF), organized a stakeholder consultation workshop to incorporate their views for drafting a new Companies Act. The session was chaired by the Vice President, MCCI, Ms. Nihad Kabir and moderated by Barrister Tanjib ul Alam the lead BICF consultant to draft the Act. Attendees raised important issues related to dividend payments, AGM, return filing, object clause, reduction of capital, share premium and strengthening the Registrar of Joint Stock Companies. Barrister Tanjib ul Alam made a presentation on the reform of the Companies Act 1994, referring to the latest situation in other countries. He also proposed allowing a single member company in the new laws. The Companies Act 1994 does not allow formation of a single member company though it is present in many countries including Pakistan. Continued to page 20