Private sector has vehemently opposed the government move to amend the company law to appoint administrators to rogue firms.
Top businessmen and their leaders held a meeting at Sonargaon Hotel in the capital on the issue and briefed the journalists as it concluded.
Federation of Bangladesh Chambers of Commerce and Industry President A K Azad told reporters, "Even under the existing provisions, a court of law can appoint administrator to any business house, so there is no need to change the laws."
"Keeping the case of Destiny in mind, the government should not take hasty steps to amend the company law," Azad said.
Urging the government to dump the initiative to change the laws, the business leader said, "Businessmen are completely against this amendment. We don't want such laws. There is no need for this [amended] law."
The Commerce Ministry submitted a proposal at a Cabinet meeting on Monday to amend the company law provisions for appointment of administrators keeping the controversial multi-level marketing company Destiny in mind.
Azad said vested quarters would get a chance to misuse the law if it was amended.
"If the law applies only for the MLM business in our country, then we will give our opinion. But we will face harm if the law applies to all companies."
The meeting at Sonargaon Hotel was also attended by former FBCCI President Mir Naser, Bangladesh Textile Mills Association (BTMA) President Jahangir Alamin, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Shafiul Islam Mohiuddin and leaders of other business organisations.
Meanwhile, Law Minister Shafique Ahmed on Tuesday said at a programme in the capital the government would appoint administrators on six to seven grounds in line with the amended law it was set to bring.
According to the law, the board of directors of any company would be given 15 days to show their cause why an administrator should not be appointed to that company, he said.
"This law's goal is to protect the property, which the current law does not cover."
Commerce Secretary Ghulam Hossain, however, said on Monday that the Cabinet approved it in principle and sent it back to the ministry for further review.
"The Cabinet set two conditions – incorporation of a safety clause and vetting from law ministry – before tabling of the proposal again for final clearance," he said.
The government had no intention to use the laws for political purposes or to harass anybody, the Secretary said.
"The Cabinet instructed us to consult all stakeholders and the ministry is going to have its first meeting on Oct 30," he said.
Top businessmen and their leaders held a meeting at Sonargaon Hotel in the capital on the issue and briefed the journalists as it concluded.
Federation of Bangladesh Chambers of Commerce and Industry President A K Azad told reporters, "Even under the existing provisions, a court of law can appoint administrator to any business house, so there is no need to change the laws."
"Keeping the case of Destiny in mind, the government should not take hasty steps to amend the company law," Azad said.
Urging the government to dump the initiative to change the laws, the business leader said, "Businessmen are completely against this amendment. We don't want such laws. There is no need for this [amended] law."
The Commerce Ministry submitted a proposal at a Cabinet meeting on Monday to amend the company law provisions for appointment of administrators keeping the controversial multi-level marketing company Destiny in mind.
Azad said vested quarters would get a chance to misuse the law if it was amended.
"If the law applies only for the MLM business in our country, then we will give our opinion. But we will face harm if the law applies to all companies."
The meeting at Sonargaon Hotel was also attended by former FBCCI President Mir Naser, Bangladesh Textile Mills Association (BTMA) President Jahangir Alamin, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Shafiul Islam Mohiuddin and leaders of other business organisations.
Meanwhile, Law Minister Shafique Ahmed on Tuesday said at a programme in the capital the government would appoint administrators on six to seven grounds in line with the amended law it was set to bring.
According to the law, the board of directors of any company would be given 15 days to show their cause why an administrator should not be appointed to that company, he said.
"This law's goal is to protect the property, which the current law does not cover."
Commerce Secretary Ghulam Hossain, however, said on Monday that the Cabinet approved it in principle and sent it back to the ministry for further review.
"The Cabinet set two conditions – incorporation of a safety clause and vetting from law ministry – before tabling of the proposal again for final clearance," he said.
The government had no intention to use the laws for political purposes or to harass anybody, the Secretary said.
"The Cabinet instructed us to consult all stakeholders and the ministry is going to have its first meeting on Oct 30," he said.
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