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Old October 24, 2012, 04:27 PM
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Quote:
In the wake of the recent Destiny 2000 Limited scandal, the Cabinet on Monday provisionally endorsed a proposal to amend the Companies Act empowering the government to appoint administrators to any company.

The next day, the FBCCI and seven other organisations in a joint statement opposed the move and said even under the existing provisions, a court of law can appoint administrator to any business house.

Speaking at a press briefing at its headquarters, the BGMEA President said, "We are just trying to get out of the downturn created in the financial sector following the Hall-Mark scam. Now a new crisis for the industries has emerged since the government can appoint administrator to any private company if it wishes."

"We think such provision will discourage the industrial and business entrepreneurs. It will hinder our efforts to make the country economically independent," he added.

He suggested finding ways to resolve the problems in the existing Companies Act.
Amendment to the Companies Act

Attempt to legalize "Chadabazi" by appointing govt administrators in any company at will, without the permission of any legal court.
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