The Cabinet on Monday approved in principle the draft of the Companies (Amendment) Bill 2020 withdrawing a provision for having a seal for a company to get registered.
The approval came from the weekly cabinet meeting held at the PMO with Prime Minister Sheikh Hasina in the chair.
“The draft bill was approved amending some sections of the existing Company Act, 1994 to exempt the compulsory provision of having a seal for a company to get registered," said Cabinet Secretary Khandaker Anwarul Islam while briefing at the Secretariat after the meeting.
If the compulsory provision can be withdrawn by March 31 next, Bangladesh would jump to 7-8 notches in the index of ease of doing business, he said adding that a company would not require to have a seal to get registered according to the proposed law.
The Cabinet also approved in principle the draft of the “Designated Reference Institute for Chemical Measurements, Bangladesh Act, 2020” to facilitate the institute to conduct micro-level tests of chemicals.
The meeting okayed the draft of the bill aimed at facilitating Designated Reference Institute for Chemical Measurements to smoothly conduct test of its chemical activities by maintaining the ISO standard,” said the Cabinet Secretary adding that the institute was set up for the development of chemical metrology.
Besides, the cabinet gave nod to the National Oil and Chemical Spill Contingency Plan (NOSCOP) to check the risk of spilling chemical into the sea, river, and other water bodies.
It also gave retrospective approval to the “Protocol on Trans-Boundary Elephant Conservation between Republic of Bangladesh and Republic of India”.