The Registrar of Joint stock Companies
and Firms (RJSC) is the sole authority of Company formation and other company-related works. Private
companies, public Companies, foreign companies, trade organizations, societies
and partnership firms are registered with RJSC. Companies Act,1994, Societies
Registration Act,1860 & Partnership Act, 1932 are enforceable by RJSC. But
it does not have any strong monitoring cell. It does not monitor &
investigate the implementation of company law by the stake-holders. There is no
denying the fact that the company law is
not followed in our country in the true sense of the term.
Most private limited companies do not submit their EGM & AGM reports in due
time. In many cases, they get their AGM passed by RJSC somehow.
Their financial statements are audited by CA firms after their choice on ,
before or after AGM In some cases, the
income statement & balance sheet
are not audited but signed by the
competent signatories. This is not the lawful practice of the Companies Act-1994.
Section 81(1) of the Companies says that
every company shall in each year of the Grogorian calendar hold in addition to
any other meetings a general meeting as its annual general meeting and shall
specify the meeting as such in the notices calling it; and not more than
fifteen months shall elapse between the date of one annual general meeting of a
company and that of the next. Section 82 says that if default is made in
holding a meeting of the company in accordance with sub-section (1) of section
81, or in complying with any directions of the Court under sub-section(2)
there-of, the company & every officer of the company who is in default
shall be punishable with fine which may extend to ten thousand taka and in case
of a continuing default with a further fine which may extend to two hundred
fifty taka for every day after the first day during which such default
continues.
