Govt going to amend Companies Act

The government is going to amend the Companies Act, 1994 incorporating a provision for establishing company by a single person and a new section titled as “One Person Company” will be included in the amended law.

According to the definition of the amended law, “One Person Company” will mean such a private company where a single person having a natural entity will be the shareholder, a law ministry press release said.

It said the company law will be amended with a view to attracting the domestic and foreign investments, easing the business and investments, protecting the interests of the general creditors of companies and their minority stakeholders through creating an investment-friendly environment.

The press release was issued after an advisory meeting among the representatives concerned of the government and stakeholders was held at the law ministry.

The legislative research and reform project under the legislative and parliamentary affairs division of the law ministry organized the meeting with Law Minister Anisul Huq in the chair.

Finance Minister AHM Mustafa Kamal, Prime Minister Sheikh Hasina's Adviser on Private Industry and Investment Salman F Rahman, Tofail Ahmed, president of parliamentary standing committee on commerce ministry and former commerce minister, Md Asadul Islam, senior secretary to the financial institutions division, Mohammad Shahidul Haque, senior secretary to the legislative and parliamentary affairs division, and representatives from government and private financial institutions concerned attended the meeting.

Different issues including establishing “One Person Company”, holding its annual general meeting, transferring shares and number of its directors have been discussed at the meeting, according to the press release.