Govt to cancel registration of 45 MLM cos
Destiny-2000 Ltd also in the list
→ Asif Showkat
Ministry of Commerce has asked the Registrar of Joint Stock Companies and Firms (RJSC) to cancel registration of 45 Multi-Level Marketing Companies (MLM), including Destiny-2000 Ltd, for using false addresses.
Commerce Minister Faruk Khan approved the proposal on Monday after the home ministry confirmed that those MLM companies were operating with fake addresses.
Commerce Ministry has already ordered the RJSC to take necessary action against 45 MLM companies regarding cancellation of their registration, a senior official of the commerce ministry told daily sun on Thursday.
The official also said the MLM companies usually use false addresses as they have ulterior motives to deceive their clients and also to avert cases over their fraudulent practices. Sources in the commerce ministry said that a government intelligence agency verified the matter as the RJSC claimed that MLM companies were using false addresses.
The 45 companies using false addresses are —-Vision (Pvt) Limited, International Ting Chang Products (BD) Ltd, Destiny-2000 Ltd, Ocean Marketing Company Limited, Sohabos International Ltd, Herbal Life International, For Life Consortium Ltd, Bravo IT International Ltd, Village World Network Company Ltd, Sketch Ltd, Royal Dream Ltd, Uttara Green City Ltd, Griho Nirman Ltd, SMN Global Ltd, Siege Aim Corporation Ltd, Musk Marketing Private Ltd , Gano E World Wide Ltd, Exhibition Dream Market Company Ltd, Bondhan Associates Pvt Ltd, Multivision -2010, Tone and Tune Network Ltd, Plus Gain Company Ltd, Eva Telecommunication Ltd, G- E- Com Ltd, Naf International Ltd, Faith Marketing System Ltd , Gadone Network Ltd, Glaciar (BD) Ltd, Ganoderema Stokist Bangladesh Company Ltd, Bhianchi Bangladesh Company Ltd, Loyal Vision Ptd Ltd , Shuk Sari Bangladesh Limited, Green Active Business System Ltd, Liberty (BD) Network Market Private Ltd, Royal Vision Pvt Ltd, Royal Dream International Ltd, For Ever Living Products Bangladesh Limited, One Million Ptd Ltd, Mega Polish Ltd, Gonet Ltd, Golden Fida Ltd, Natural Herbal Ltd, and the Aim Solution Private Ltd.
Commerce Secretary Ghulam Hussain last week told daily sun, “At present, 70 registered MLM companies are doing businesses in the areas of herbal products, tourism and holiday packages, real estate, forestry, agricultural products and marketing, health, exports and imports, ICT, training, investment in capital market and multi-purpose cooperatives.”
Legal actions will be taken against the companies, which are operating business by using fake addresses, the commerce secretary added.
“The commerce ministry comes forward with a proposal to formulate a ‘Direct Sales Act-2011’ about the MLM system as reports on fraudulence practices and cheating of consumers by some companies are surfacing in different media,” Hussain said.
The secretary said many clients have been cheated by Unipay2u as the laws regarding such businesses are not strict enough to check the violators and punish them outright.
“We have already investigated the MLM companies which are registered with the RJSC”, he added.
23 September 2011
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