Turkmenistan accedes to the New York Convention and the United Nations Convention on the International Sale of Goods

14/05/2022 | | Uncategorized

Summary: Turkmenistan has acceded to both the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (also commonly known as the “New York Convention”) and the United Nations Convention on Contracts for the International Sale of Goods (the “CISG”).  Content: The New York Convention With its accession to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, effected on 4 May... Read More

Bangladesh Eyes FTAs with Seven Countries, Two Blocs

21/04/2022 | | Commercial, International, Taxes & Finance

Summary: In order for signing FTAs (free trade agreements) so as to perpetuate duty-free market access to Bangladeshi products, the government is giving consideration to seven countries and two blocs as prospective partners. Content: On Sunday, the commerce ministry broadcasted a time-based action scheme on favorable market access and trade agreement with the intent to come across the obstacles of least developed... Read More

Move to recognize third party under RJSC

28/03/2022 | | Commercial, Corporate, Investment

Summary:  The government plans to put third parties under the Registrar of Joint Stock Companies and Firms (RJSC) Monitoring third-party participation in the registration process will help to prevent excessive fees from being charged and lower the cost of doing business, officials say. Officials stated the MoC recently abandoned its plan to adjust the Office of Chief Controller of Imports and... Read More

The ILO defers decision on Bangladesh until November

28/03/2022 | | Labour & Human Rights, Arbitration, International

Summary: The International Labour Organization ("ILO") has postponed a judgment on whether or not to take further action against Bangladesh. Conventions 87 on freedom of association and the right to organize were allegedly suspended in Dhaka. The complainants also urged establishing a commission of inquiry on Bangladesh's failure to follow the norms. Bangladesh has been placed on notice by the International... Read More

Provisions of Arbitration Act not applicable to arbitration seats in foreign countries, rules HC

28/03/2022 | | Arbitration, Commercial, International

Summary: Bangladesh's top court has ruled that the Arbitration Act does not apply in cases where the arbitration is held in a foreign country. Accom Travels and Tours Ltd sued Oman Air for Tk 780 million after its agreements with the airline were canceled by the airline. Further proceedings in the matter are now delayed until the parties' disagreement is resolved... Read More

Universal Pension Scheme in 6-12 months 

12/03/2022 | | Uncategorized

SUMMARY: Bangladesh to embark on the long-anticipated universal pension scheme within 6 months to 1 year which will be open to all save the public servants.  The government chalks out to launch the universal pension scheme in order to maintain its pledge of providing a safe and sound life to senior figures, particularly after the age of 60 which is the... Read More

Companies Act to be rewritten this year.

12/03/2022 | | Commercial, Corporate

SUMMARY: The commerce ministry will be ameliorating the companies act this year in an effort to make it absolute and time-befitting. Tapan Kanti Ghosh, senior secretary to the commerce ministry, expressed that the former companies act had a deficiency in it as it prevented all the stakeholders from arriving at solidarity. He added that they are anticipating that the adapted act will... Read More

Biggest FDI in the offing for Shipbuilding

12/03/2022 | | Capital Market, Finance, Shipping

SUMMARY: The government will soon embark on an alliance with foreign investors with the intent to lay the foundations of a shipbuilding facility. The government of Bangladesh is just one step away from attaining its colossal objective to construct a state-of-the-art shipyard with the biggest foreign direct investment (FDI) of $1.58 billion. This tremendous plan of action will be carried out... Read More

Database on bond defaulters on card

14/02/2022 | | Capital Market, Corporate

SUMMARY: An initiative to develop a database on defaulters of bond has been taken by the Bangladesh Securities and Exchange Commission in order to keep a record of it. CONTENT: The Bangladesh Securities and Exchange Commission (BSEC) will redraft the Debt Securities Rules 2021 so as to incorporate the clause of the matter concerning bond defaulters. Issuing of bonds in a company obligates it... Read More

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