Company act amendment aimed at controlling pvt cos: BNP

Disapproving the government’s plan to amend the ‘Bangladesh Companies Act 1994’ to appoint administrators to private-troubled companies, opposition BNP on Tuesday said the motive behind this move is to bring private companies under its grip.

File Photo

“The government has taken the initiative to amend the company act to establish its control over private companies,” BNP standing committee member Moudud Ahmed said.

He was addressing a meeting organised in memory of Language Movement Veteran Oli Ahad at the National Press Club.

The Cabinet on Monday approved in principle the amendment to the companies act allowing the government to appoint administrators to private companies under special circumstances.

Moudud termed the government move unconstitutional and said people’s basic rights will be violated if the law is formulated. “I’ll also badly affect the investment.”

Accusing the government high-ups of involving in all the financial grafts, including Destiny and Hall-Mark, the BNP leader said the administrators will be appointed just to save those corrupt elements.

The former Law Minister called upon the government to rescind its decision, saying that those advocating for amending the act are against development of the country.

Narrating the possible negative impacts on the country’s economy if the act is amended, he said the government has taken the initiative to appoint ruling party leaders to the companies as administrators.

Speaking at another programme, BNP standing committee member Nazrul Islam Khan said the government move to appoint administrators to private companies has made the businessmen worried.

“If the law is formulated to appoint administrators to private companies, entrepreneurs will get discouraged from launching an new venture,“ he told a memorial meeting.

Jatiyatabadi Samajik Sangskritik Sangstha (Jasas) arranged the meeting at Bhasani Auditorium in the city's Nayapaltan area in memory of veteran journalists Ataus Samad and Foyez Ullah Foyez.

Criticising the government for the move, Nazrul said, “It could be acceptable if the law is amended for the Destiny group. But the government can’t appoint administrator to all companies.”

He accused the government of tainting the country’s image globally by indulging in widespread corruption.

He was also critical of the Anti Corruption Commission, saying though the ACC claims it an independent institution, it is giving the corrupt ruling party men clean certificates.