Written by The Banking Post
The Registrar of Joint Stock Companies and Firms (RJSC) is facing intense scrutiny after allegedly removing the digital profile of multinational pharmaceutical firm Novartis (Bangladesh) Limited from its public records—an act legal experts say violates corporate disclosure norms and may amount to investor harassment.
Allegations and Legal Concerns
Novartis’s company profile no longer appears on RJSC’s website, not even in basic search results—suggesting what legal analysts describe as a “deliberate and unauthorized” deletion.
Ordinarily, RJSC may lock profiles if a firm is subject to legal proceedings, court-imposed restrictions, or regulatory investigations. In such cases, search results show limited visibility. But the complete absence of Novartis’s listing points to irregular handling, lawyers argue.
Supreme Court lawyer and Deputy Attorney General Ershadul Bari stated, “Unless there is a lawful bar or injunction, removing a company’s public registration data is entirely illegal.”
Registrar’s Response
RJSC Registrar A.K.M. Nurunnabi Kabir, when contacted on Thursday night, said he was unaware of the reason behind the profile’s removal. “I cannot confirm the cause right now—it needs office-level verification,” he said.
📄 Communication Attempts by Novartis
Sources at RJSC confirm that Novartis submitted two formal letters on June 25 and 26 requesting restoration of its online portal access, clearly stating that there is no active legal proceeding against the company. RJSC acknowledged receipt, but no action has followed.
The removal has prevented the company from initiating share transfer processes, which corporate lawyers say impedes its legal and commercial rights.
Broader Implications
Corporate governance analysts warn that such opaque and unexplained disruptions to a company’s legal visibility can erode investor confidence, hinder foreign direct investment, and cast doubt on the integrity of regulatory systems.
To maintain trust and transparency in Bangladesh’s investment landscape, they urge RJSC to reinstate Novartis’s records and adopt a formal, rule-bound procedure for profile management.
