The High Court (HC) in the full text of its judgment has advised the Ministry of Commerce to formulate new law by amending the existing Company Act and for quick disposal of disputes regarding ownership of private and public companies.
A High Court division bench of Justice Md Ashraful Kamal pronounced the judgment on August 25, 2022, and the full text of the judgment was released on Wednesday.
The court in its 232-page judgment, made 14 recommendations saying the Company Act, 1994, is useless in many cases, and it is absolutely essential to radically change the 109 years old act to take Bangladesh in the level of developed nations.
The High Court had come up with the judgment after disposing of a case filed under the Company Act, 1994 over the ownership of Top Ten Fabrics and Tailors Limited.
The court in its judgment has asked concerned authorities to send a copy of the judgment at the earliest to the commerce minister, senior secretary of commerce ministry and law commission to take necessary action.