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... Read More
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... Read More
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... Read More
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... Read More
We are pleased to share the news that the Council of Shenzhen Court of International Arbitration (SCIA) has engaged our esteemed Head of Chambers, Mohammed Forrukh Rahman, as an arbitrator of SCIA and included him in the SCIA Panel of Arbitrators with a term of three years from 21 February 2022 to 20 February 2025. SCIA is the first... Read More
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... Read More
Summary: Four private business entities have received permission from Bangladesh Bank to invest $10 million in foreign countries which will be a leading step towards worldwide marketing of local products. Content: Among the permitted companies are- Square Pharmaceuticals, Renata Pharmaceuticals Ltd, BSRM Group and Columbia Garments. Square Pharmaceuticals Limited is a subsidiary of Square Group which will invest $1 million in the Philippines.... Read More
Summary: The tax authority of Bangladesh has taken measures to redraft the existing DTAA in order to assimilate it with advanced protocols. The DTAA (Double Taxation Avoidance Agreement) simultaneously guarantees that an individual does not have to pay tax twice in two countries and also that he/she does not avoid paying taxes in all. This agreement is to be modernized... Read More
Bangladesh Shipping Corporation (BSC) has plans to procure six ships -- two mother bulk carrier ships, two mother tankers and two mother product oil tankers -- to meet the growing demand for transportation services. BSC has already taken up a project to procure the six ships. The BSC managing director also said that they have a plan to carry all... Read More
The United Nations Information Service (UNIS) Vienna via a recent Press Release dated 04.01.22, announced that Georgia ratifies the United Nations Convention on International Settlement Agreements Resulting from Mediation also known as the "Singapore Convention on Mediation" with the deposit of the instrument of ratification at the UN Headquarters in New York, thereby becoming the ninth State Party under... Read More
