The cabinet today approved in principle the
draft of “The Company (amendment) Law, 2018” incorporating a provision
allowing formation of a “one-man company”.

“The proposed law defines a ‘one-man company’ as a company to be formed
with one person,” Cabinet Secretary Mohammad Shafiul Alam told reporters
after the regular cabinet meeting held at Bangladesh Secretariat with Prime
Minister Sheikh Hasina in the chair.

The cabinet secretary said the proposed amendment to the company law
brought a new concept which was unfamiliar to the country’s business arena so
far.

“This concept doesn’t exist in our law, but different countries of the
world are following it,” he said.

Alam said the law has been proposed to bring a “one-man company” under the
purview of the legal framework.

In the existing law, he said, there is a provision for formation of a
company by keeping limited its members to 50 excluding the persons appointed
to the company.

“But this provision will not be applicable to the constitution of a “one-
man company, and in the case of such a company, it can be formed with one
person,” the cabinet secretary added.

Alam said the cabinet also gave the final approval to the draft of “The
Bangladesh Film and Television Institute (Amendment) Law, 2018,” aimed at
further flourishing mass media like film and television.

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