DHAKA, Oct 23, 2023 (BSS) - Prime Minister Sheikh Hasina today asked the
authorities concerned to make sure so that competition in public procurement
becomes more open and free.

The directive was given at a cabinet meeting with Prime Minister Sheikh
Hasina in the chair at her office in the city's Tejgaon.

"It has been observed that some companies which do not have capacity are
still getting works, which is causing a delay to complete the works within
stipulated time. To avoid this, the Prime Minister has given instructions to
change the relevant rules and regulations," Cabinet Secretary Md Mahbub
Hossain said at a briefing at the Secretariat here after the cabinet meeting.

The meeting gave approval to the draft of 'Finance Company Act, 2023', he
said, adding that according to the proposed amendment, no individual or
related parties associated to him or her or members of the same family cannot
buy more than 15 percent of a company's shares.

The proposed law has also specified what to do for those who currently have
more than 15 percent of company stakes, the cabinet secretary said, adding,
within two years after the law comes into effect, the excess shares shall be
transferred to persons who are not family members and who do not hold the
maximum share limit in the company.

If anyone does not comply with the law, he said, his or her shares will be
confiscated in favour of the government. The proposed law prescribed
punishment for various offences, the cabinet secretary added.

Noting that the law has defined spouse, parents, children, siblings and
dependent people as the family members, Mahbub said, the law will allow 15
directors including two independent directors for a company.
The cabinet meeting also gave the final approval to the draft of the 'Dr MA
Wazed Miah Agriculture University Act, 2023', he said, adding that the new
university will be established in Natore.

The meeting also approved the draft of the 'Village Courts (Amendment) Act,
2023', enhancing authority of the courts to fine Taka 3 lakh from existing
Taka 75,000, the cabinet secretary said, adding that the draft of the
'Sustainable Public Procurement Policy (2023)' also got approval at the
meeting.

Besides, reports on the implementation of the decisions taken in the cabinet
meetings held between July and September this year was presented in the
meeting. The cabinet approved the proposed list of 22 holidays for the 2024
calendar year, but two holidays would be coincided with weekends (Fridays).

Like the current year 2023, the people will also enjoy a 22-day holiday in
the next year.