Previously, non-banking financial institutions were not allowed to hold any meeting through video conference as per the Companies Act in Bangladesh. Generally, in practice, the Managing Director in private company or Company Secretary in public company has the authority to convene shareholders’ meetings by way of serving notice to the members who will attend the meeting. An AGM may be called by 14 days’ notice in writing, and a meeting other than an AGM or a meeting for the passing of a special resolution may be called by 21 days’ notice in writing, provided that a meeting may be called by shorter notice than aforesaid if it is so agreed in writing in the case of an AGM by all the members entitled to attend and vote there and in the case of any other meeting, by the members of the Company holding not less than 95 percent of the paid-up share capital and having a right to vote at the meeting. Any member who will not be available in a meeting can appoint another person to attend and vote on his behalf. The person appointed is called the proxy.

However, after a circular passed by Bangladesh Bank in 2016, now the non-banking financial institutions can hold their board, executive committee and/or audit committee meetings through video conference with prior approval from Bangladesh Bank which eased the process of foreign investors to a significant extent.

FM Associates is a well established international chamber who has a strong experience working with the central bank of Bangladesh. FM Associates Bangladesh provides a comprehensive range of services on banking sector which includes obtaining permission from Bangladesh Bank on behalf of FMA’s client to hold their board, executive committee and audit committee meetings through video conference.

If you need any legal assistance, contact us.