PM for making public procurement more competitive

Prime Minister Sheikh Hasina has 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 held with Prime Minister Sheikh Hasina in the chair at her office in the city's Tejgaon area on Monday.

"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.

BSS adds: 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 Tk 3 lakh from existing Tk 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.