Regulatory Alerts2023-12-20
Added
DFIM Circular No. 14: Determination of the number of directors in finance companies against holding of shares by foreign shareholders.
The Bangladesh Bank has decided that the maximum number of foreign shareholders serving as directors on the Board of Directors of any finance company operating in Bangladesh shall be determined in proportion to their shareholding in that company. This decision is made under the power conferred by Section 15(1) of the Finance Company Act, 2023.
Bangladesh Bank Head Office Motijheel, Dhaka-1000 Bangladesh Website: www.bb.org.bd Department of Financial Institutions and Markets DFIM Circular No. 14 Date:
Managing Director/Chief Executive All Finance Companies operating in Bangladesh.
Dear Sir,
Regarding the determination of the number of directors in finance companies against shares held by foreign shareholders.
Attention is drawn to Section 15(1) of the Finance Company Act, 2023, regarding the subject mentioned in the title.
- By virtue of the power conferred by the said section of the Act, it has been decided that the maximum number of foreign shareholders, i.e., the number of directors, on the Board of Directors of any finance company shall be determined in proportion to their shareholding in that company.
Yours faithfully, (Md. Asaduzzaman Khan) Director (DFIM) Phone: 9530178 Poush 05, 1430 December 20, 2023