Summary: Bonus share offerings are about to be abandoned for the five types of listed companies that are not able to utilize their existing fund. BSEC found that the bonus share issue brings no good to the company and nor can ensure minority protection. Although the companies having tremendous sales have no problem issuing bonus shares for further expansion of their... Read More
Photo source: https://www.getmyca.com/ The Companies Second Amendment Act 2020 finally promulgated in 22nd November 2020. The new amendment allowed opening of OPC(One person company). The OPC need to ensure minimum paid up capital requirements. Depending on Turnover OPC can also be converted to LTD and PLC. The words LTD and PLC for private limited and public limited companies respective required to... Read More
[Source: the Daily Star] The Bangladesh Bank yesterday asked banks to deposit 0.03 per cent of the encashed export earnings at the central fund for the readymade garment sector's workers. In June 2016, the central bank instructed lenders to deposit the money to the fund but there is an allegation that some banks have not followed the... Read More
The Companies Act (Second Amendment) Act 2020 [Bill] is now placed before the Parliament. The Amendment will introduce single shareholding company, with a minimum paid up capital requirement. Besides, the electronic meeting are allowed. Some changes are made in holding EGM. For a copy of the Bill as Gazette notified please click below: Company Act... Read More
The government has fixed Tk 7,100 as minimum monthly wages for the workers of the country's leather goods and footwear sector. The ministry of labour and employment issued a gazette notification in this regard on September 08, nearly a year after the wage board was formed to review the same in September last year. The government has for the first time... Read More
[source: The Business Standard] The government is going to allow firms outside of the Export Processing Zone (EPZ) to pay their foreign employees in dollars. This has been a long-standing demand of companies and would make the revenue board better able to tax the foreigners. The approval will enable the export oriented non-EPZ companies to pay the foreign employees via their... Read More
[Source: The New Age] Only four directors of three listed companies complied with rules regarding minimum 2-per cent shareholding by each director of a listed company though the Bangladesh Securities of Exchange Commission on July 2 gave 61 non-compliant directors of 22 companies 45 days to ensure required amount of shareholding in their respective firms. The BSEC asked the directors to... Read More
Source: The Daily Star [Source; The Daily Star] A ray of hope has emerged for the laid-off, disabled and insolvent workers of export-oriented garment, leather and footwear manufacturing factories as the government has initiated a scheme to extend financial support to them. The government would pay Tk 3,000 per month to a worker for three months under the scheme, backed by the... Read More
The ‘Companies (2nd Amendment) Bill, 2020’ was placed in the Jatiya Sangsad (JS) keeping a provision of formation of one-man company aiming to attract larger investment and do better in the global ease of doing business ranking. Following the approval of the parliament, Commerce Minister Tipu Munshi placed the bill in the House with Speaker Dr Shirin Sharmin Chaudhury in the... Read More
Publicly listed Singer Bangladesh Ltd will merge with its non-listed subsidiary company, International Appliances Ltd, in order to curb costs by reducing corporate taxes. An official of Singer Bangladesh told The Business Standard that the merger will help reduce corporate taxes as non-listed companies must pay a 32.5 percent corporate tax, whereas listed ones only have to pay 25 percent. Publicly listed... Read More
