The cabinet on Monday approved in principle an amendment to the existing company law allowing the business entities or companies to be registered without having seals as part of government efforts to ease business regulations, reports BSS.
The proposed amendment to the Company Act, 1994 came along with another draft law, a plan and a protocol at the weekly cabinet meeting at PMO with Prime with Prime Minister Sheikh Hasina in the chair. “The proposed law suggested amendment to some sections of the existing Company Act, 1994 to scrap a provision that compels companies to have a seal to get registered,” Cabinet Secretary Khandaker Anwarul Islam told a news briefing at Bangladesh Secretariat here following the meeting.
He said the proposed law was drafted to enhance global competitiveness of Bangladesh businesses and if the provision could be wiped out by March 31 next, “the index of ease of doing business will jump to 7 or 8 notches more”. Anwarul said the proposed law would be dubbed “Company (Amendment) Act, 2020.
Designated Reference Institute for Chemical Measurements, Bangladesh Act, 2020 was the other draft law to get cabinet approval with Anwarul saying that it aimed to establish Designated Reference Institute for Chemical Measurements as a statutory body under Science and Technology ministry, separating it from the jurisdiction of BCSIR.
The cabinet also gave retrospective approval to the “Protocol on Trans-Boundary Elephant Conservation between Republic of Bangladesh and Republic of India”. It endorsed as well the National Oil and Chemical Spill Contingency Plan (NOSCOP) to mitigate risks of spilling chemicals into the sea, river, and other water bodies.
The cabinet also gave retrospective approval to the “Protocol on Trans-Boundary Elephant Conservation between Republic of Bangladesh and Republic of India”.