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Old October 24, 2012, 11:16 PM
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Navo Navo is offline
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Let's see what results from this:

Govt now mulls alternative
Amendment to Companies Act
Refayet Ullah Mirdha

The government may halt the move to amend the Bangladesh Companies Act, 1994 subject to the existing law allowing it to appoint administrators to troubled companies, said Commerce Secretary Ghulam Hussain yesterday.

It may seek special permission from court to appoint administrators to Destiny Group that breached the law by indulging in illegal banking.

"We will stop the amendment process, if the existing law allows us to appoint such administrators. If not, we will amend the law in such a way so that the companies are not harmed,” Hussain told The Daily Star by phone.

He said the government would soon introduce multi-level marketing law for companies like Destiny Group.

Hussain also called upon the businesspeople not to panic, saying the government was looking for an alternative and had decided to withdraw the provision of giving administrators the “indemnity power” from the proposed act....

...The commerce secretary said he would talk to two more lawyers today to know whether the administrators could be appointed under the existing law.

“We will also seek opinions from lawyers, businesspeople, experts and researchers at a meeting on October 30. I hope all the misunderstandings will end after the meeting,” the secretary said.
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