Govt to amend Companies Act, 1994

The government is going to amend the Companies Act, 1994, by including a provision of forming a company by a single person, reports BSS.According to the sources, a new section named ‘Single person company’ is going to be included. This company will be defined as such an institution where a single natural entity would be its share holder.

Apart from creating opportunity for forming company by a single person, the law is being amended to attract investment from home and abroad by creating investment-friendly environment, easing business processes and giving priority to safeguarding the interests of the general creditors of the companies and minority shareholders.

A consultative meeting was held today in this regard at law ministry with the stakeholders. Legislative Research and Reform Project of Legislative and Parliamentary Affairs Division organised the meeting. Presided over by Law, Justice and Parliamentary Affairs Minister Anisul Huq, the meeting was attended by Finance Minister AHM Mustafa Kamal, Prime Minister’s Private Industry and Investment Adviser Salman Fazlur Rahman, President of Parliamentary Standing Committee on Ministry of Commerce Tofail Ahmed and Senior Secretary Asadul Islam, among others. Legislative and Parliamentary Affairs Division Senior Secretary Mohammad Shahidul Haque conducted the meeting. The next meeting is scheduled to be held on October 27.