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Posted on Jul 24, 2017 |

Reformation of Companies Act 1994; 20th Anniversary Celebration of ICSB

Reformation of Companies Act 1994; 20th Anniversary Celebration of ICSB

Institute of Chartered Secretaries of Bangladesh (ICSB), a statutory body under Ministry of Commerce to develop, promote and regulate the profession of Chartered/Company Secretaries in Bangladesh. The Institute celebrated its 20th Anniversary and organised a workshop on Reforms of Companies Act, 1994 on July 22, 2017 at Bangabandhu International Conference Center (BICC), Dhaka. The Institute was established in 1997 under the license from the Ministry of Commerce. In the year 2010, The Chartered Secretaries Act, 2010 was passed in the highest legislative body, the Parliament of Bangladesh under the leadership of Prime Minister Sheikh Hasina. In 2011, The Chartered Secretaries Regulations was promulgated by the Ministry of Commerce.

Workshop on Reforms of Companies Act 1994

A workshop on Reforms of Companies Act, 7994 was held under the Chairmanship of Mr. Shubhashish Bose, Hon’ble Secretary, Ministry of Commerce, Govt. of People’s Republic of Bangladesh.

The key note paper was presented by Mr. Mohammad Sanaullah, FCS Hon’ble President of the Institute. The official discussants of the subject were AKA Muqtadir FCS, N.G. Chakraborty FCS, Mohammad Asad Ullah FCS, M. Naseemul Hye FCS and S. Abdur Rashid FCS. The paper presenter recommended to incorporate the following basic points in the Company Law Reformation:

  1. Formation of new company within shorter period/twenty four hours;
  2. Mandatory provision for appointing a Company Secretary in a Company having capital more than Taka Five Crore;
  3. Provision should be made for secretarial audit to ensure compliance by the companies to the regulatory directives and governance issues.
  4. Government Companies should be treated at par with other companies and be subject to a similar compli4nce standards.
  5. Regular filing should be made easy efficient and cost effective. Non-filling of documents or incorrect disclosures should be dealt with seriously. Delays in filing should be penalized through non-discretionary late fee relatable to the period of default. There should be a system of random scrutiny of filings of corporate to be carried out by the registration authorities.
  6. A Company Law Tribunal should be established consisting of 4 (Four) members for relieving High Court’s burden.
  7. Aligning Central Depository System with traditional system and covering various reports and returns for RJSCF.
  8. Reforms of Companies Act will be the most extensive reform to react to future development.
  9. The Companies Act should, as far as possible, allow the maximum flexibility to use future technology.

The Session Chairman Mr. Shubhashish Bose in his speech said that the reforms of companies Act is very emerging. He also stressed for adequate newer amendments in the Companies Act making it time befitting and corresponding to The Chartered Secretaries Act, 2010. Appropriate provision has to be included for mandatory appointment of Chartered Secretaries in public companies and the companies having paid up capital more than Taka Five Crores.

By the participation of official discussants and representatives of various corporate houses the session was very lively.

20th Anniversary Celebration of ICSB

Mr. Tofail Ahmed MP, Minister for Commerce, Government of the People’s Republic of Bangladesh graced occasion as the Chief Guest and Mr. Shubhashish Bose, Secretary, Ministry of Commerce was attended as the Special Guest. The Minister congratulated the Members of the Institute for achieving this milestone. He reiterated in the congregation that Bangladesh is advancing in the global corporate horizon at a great speed. ICSB is playing an effective and meaningful role to develop, promote and regulate the profession of Chartered Secretaries of Bangladesh. He thanked the Founding Members of ICSB for their visionary thinking and taking initiatives to establish such an Institute.

All the Founding Members- Mr. Muzaffar Ahmed FCS, Late M.S Alam Mia FCS (representative), AKA Muqtadir FCS, Mohammad Sanaullah FCS, Md. Zahangir Alam FCS, Md. Siddiqur Rahman FCS, Md. Saiduzzaman FCS, Md. Yeamin Hossain FCS, Itrat Husain FCS, Sultan-ul-Abedine Molla FCS, Muhammed Abul Hashem FCS, Late Anwarul Afzal FCS (representative) and N. G. Chakraborty FCS were specially honoured by Commerce Minister Mr. Tofail Ahmed.

The past Presidents of the ICSB were also honoured in recognition of their outstanding contribution towards the development of the Institute.

The qualified chartered secretaries of 1’t Batch were also duly honoured.

A beautiful documentary highlighting important historical events of last twenty years was presented in the occasion. An enjoyable cultural program was conferred by prominent singer Mr. Subir Nandi and Mrs. Kanak Chapa. A large number of Chartered Secretaries. Company Secretaries. Corporate Professionals, Corporate Leaders and Executives attended in the august gathering.