Summary: The Bangladesh Bank has mandated that independent directors in banks must be aged between 45 and 75 and cannot have family members holding shares in the bank. Any complaints proven against them will result in actions taken by the Bangladesh Bank under the Bank Company Act. Additionally, independent directors must possess at least 10 years of management or professional... Read More
Summary The specialized unit for large taxpayers of the National Board of Revenue has recently advocated for alternative dispute resolution (ADR) as a means of resolving tax-related disputes for large corporations in the country. The unit has emphasized that opting for ADR can lead to a mutually beneficial outcome for all parties involved. By resorting to this mechanism, large corporations... Read More
Summary The regulatory body of the stock market has made it compulsory for a listed company to have at least 25% of its board members, including the chairman and managing director, physically present at the general meeting. This is to ensure that the company is accountable to its shareholders. Content On December 28th of the previous year, the Bangladesh Securities and Exchange... Read More
Summary The U.S. attorney for the Southern District of New York has announced an initiative. The pilot program launched by the U.S. Attorney’s Office in Manhattan aims to provide individuals with an incentive to report and cooperate with authorities to prosecute criminal conduct. Content The U.S. Attorney’s Office for the Southern District of New York has announced a new program aimed at... Read More
Summary Aspiring entrepreneurs in Bangladesh are encountering significant challenges, as the country's business environment is being stifled by political instability and worldwide uncertainties. The number of registered corporations has declined, and only a small minority of them can successfully get off the ground. These hurdles have made it increasingly difficult for entrepreneurs to navigate the competitive market and establish themselves... Read More
Summary: Grameenphone has recently launched a series of Internet of Things (IoT) devices that enable users to remotely monitor and regulate their gas stoves, lighting, and other related safety aspects of their home, vehicle, or office. The brand name for the collection of devices, along with its accompanying app that facilitates user control and operation, is Alo. The range consists... Read More
Rahman's Chambers is proud to announce the selection of Mrs. Kamrunnaher Shimu, Associate at the firm, for a prestigious secondment program, commenced on the 16th of January 2024 at Nishimura & Asahi, one of Japan's most renowned multinational law firms. This historic collaboration marks the first-ever instance of a Bangladeshi law firm securing such an opportunity with a foreign... Read More
Summary: The Dhaka Stock Exchange (DSE) is set to distribute compensation to customers of four brokerage firms from the Investors' Protection Fund established almost a decade ago. Content: As per the Dhaka Stock Exchange (DSE), 8,561 customers have filed claims amounting to more than Tk200 crore until 1st October this year. However, for now, the DSE will disburse Tk25 crore, which is... Read More
Summary: On December 1, 2023, the United States Department of Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on three entities. Additionally, three vessels that carried Russian crude oil above the Coalition-agreed price cap while using Price Cap Coalition services are identified as blocked property. These sanctions have been imposed to responsibly reduce oil revenues that the Russian... Read More
Summary: The government recently gave the green light for the establishment of two solar power plants and the import of 40 megawatts of power from Nepal through the Indian grid, using the direct purchase method. These decisions were made in separate meetings of the Cabinet Committee on Economic Affairs and the Cabinet Committee on National Purchase, both of which were... Read More
