Business leaders and legal experts on Tuesday urged the government to rescind its plan to amend the ‘Bangladesh Companies Act 1994’ as the existing law permits the appointment of administrators to any troubled company through court orders.
They came up with the opinion at a meeting held at the Commerce Ministry conference room with newly appointed Commerce Secretary Mahbub Ahmed in the chair.
Azad told reporters about the development at the Secretariat after a meeting with Commerce Secretary Mahbub Ahmed, former Commerce Secretary Ghulam Hossain and government officials, businessmen and lawyers earlier in the day.
After the Cabinet provisionally approved the amendment to the Bangladesh Companies Act 1994 for appointing administrators to any troubled firms on Oct 24, business leaders vehemently opposed the move.
Lawyer Barrister Rafique-ul Haq, Dr M Zahir, Additional Attorney General MK Rahman, BGMEA Vice-President Siddiqur Rahman, BKMEA Vice-President Mohammad Hatem also attended the meeting.
Azad, who has been strongly protesting the government move, said, “The businesses have no objection if the current Act has the provision of appointing administrator to the multilevel marketing companies.”
Asked about the government reaction in the meeting, he said, “The government has almost similar opinion as ours. The government is not yet ready to comment on the matter. This kind of Secretary-level meeting does not give any decision.”