Experts and business leaders speaking at a workshop hosted by Dhaka Chamber of Commerce & Industry (DCCI) on Saturday. Photo: Collected
TIMES Report
Experts and business leaders have called for reforming Bangladesh’s Companies Act 1994 to reflect present-day business realities, warning that outdated legal provisions are contributing to confusion and risk in company operations.
Speaking at a workshop hosted by Dhaka Chamber of Commerce & Industry (DCCI) on Saturday, they underscored the urgency of legal clarity, institutional transparency, and strong regulatory compliance to help businesses grow responsibly.
“The law is backdated and no longer aligns with the needs of modern business,” said Mohammed Sanaullah, CEO of Sanaullah & Associates. “Compliance is no longer optional—it’s a survival strategy in a global market.”
The day-long workshop, titled “Importance of Board Meeting, AGM, EGM and Compliance of Limited Companies”, aimed to clarify procedural aspects of managing board meetings, annual general meetings, and extraordinary general meetings under current legal requirements.
Additional Secretary AKM Nurunnabi Kabir, registrar of the Office of the Registrar of Joint Stock Companies and Firms, spoke as the chief guest.
“At present, about 2.75 lakh business enterprises of Bangladesh are registered with RJSC and almost all the processes of company registration are now available online except the share transfer system,” he said. He added that the RJSC plans to digitise the remaining service after necessary security assessments.
He advised business owners to comply with all applicable rules and regulations and said, “To run a business, comply with all rules and regulations to avoid unexpected incidents.” Kabir also urged companies to train their professionals in areas including the Companies Act, Articles of Association, securities laws, and related legal frameworks.
DCCI President Taskeen Ahmed said mounting compliance challenges are creating confusion and risk for entrepreneurs and professionals, particularly in the absence of updated legal guidance.
“Many entrepreneurs and businesses fall into confusion due to a lack of clear understanding of company law, constitutional provisions, or compliance-related complexities, which creates obstacles in managing institutions,” he said.
He added, “The importance of institutional transparency, accountability and good governance in the management of limited companies is increasing with the economic progress of Bangladesh and the development of the industrial sector.”
He noted that the workshop aimed to provide a comprehensive understanding of how to conduct meetings properly, maintain legal compliance under the Companies Act, and ensure constructive engagement with regulatory bodies.
In their keynote presentations, Md Selim Reza, FCA and partner of Artisan Chartered Accountants, and Mohammed Sanaullah stressed that compliance is essential across all types of businesses—be it proprietorship, private limited, or public limited companies.
They said, “In this era of globalisation, to compete in the international market, maintaining compliance in business is a must.” They also noted that the Companies Act should be reformed as it no longer reflects the current demands of the business environment, and that stricter compliance would help prevent misuse and malpractice.
DCCI Senior Vice President Razeev H Chowdhury and Vice President Md Salem Sulaiman were also present at the event.
