The government has approved ‘Company Act-2012’ in principle keeping provision for appointing administrator in private companies.
After the meeting chaired by Prime Minister Sheikh Hasina, Cabinet Secretary Mosharraf Hossain Bhuiyan told journalists that several observations regarding the proposal were made in the meeting.
“The Ministry of Commerce has been ordered to seek opinion of the Ministry of Law in this regard and present the draft at the next Cabinet meeting,” he said.
An ordinance will be issued once it gets the Cabinet’s final approval and an administrator will be appointed to the controversial multi-level marketing firm, Destiny 2000 Limited.
The Cabinet Secretary said the draft allowed the government to place administrators on companies that conduct illegal transactions, financial irregularities and deceit.
Destiny President Harun-Ar-Rashid, Managing Director Mohammad Rafiqul Amin and Chairman Mohammad Hossain were sent to prison after they surrendered before a lower court on Oct 11 in connection with the two cases. Seven other top officials were also made accused in the twin cases.