Companies Act needs to be made time-befitting: Commerce Secretary
The problems that have arisen over time need to be rectified in the existing law, the Business Initiative Leading Development says
Commerce Ministry's Senior Secretary Tapan Kanti Ghosh has said the country's Companies Act needs to be amended and modernised in line with the global perspective for sustainable financial growth.
"After reviewing various aspects of the country's economy, the government has already taken an initiative to amend the company law to make it inclusive of all relevant issues," he was addressing the opening session at a journalists' workshop titled "Investigative Journalism on Company Reporting" at ERF Auditorium on Saturday.
Management and Resources Development Initiative (MRDI) and Economic Reporters' Forum (ERF) jointly organised the program to improve the skills of financial and economic reporters.
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Tapan Kanti Ghosh said previously, the amendment of the Companies Act was made in 1994. Therefore, it needs to be more up-to-date to adapt to the many changes in the perspective of the global economy and trading system.
"In the free market economy, it is the responsibility of the state to ensure fair prices of goods and services and encourage market competition as well. The government is trying to do that along with creating a competitive environment for businesses," the senior commerce secretary said.
Barrister Nihad Kabir, the chairperson of Business Initiative Leading Development (BUILD), said "There are multiple complications in the company law. Many businesses face troubles when they go to liquidate their companies. To avoid the hassles, many of them are reluctant to end the legal process."
The problems that have arisen over time need to be rectified through amendment of the existing law, Nihad Kabir opined.
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Not only financial irregularities but also the impact of the company's activities on society, its people and the environment could be the subject of investigative reporting, he added.
Hasibur Rahman, executive director of Management and Resources Development Initiative (MRDI), said they are working for the improvement of the skills of journalists including investigative journalism.
"To this end, MRDI assists individual reporters and organisations with financial and logistical support," he said.
