After Section 202 of Companies Act 1994, Section 202Ka will be inserted as follows:

202 (Ka) Appointment of an administrator by the government: (1) Whatever is said in this law or any other law, the government will have the authority to abolish any board of directors of any company registered under this law and appoint one or more administrators for a certain period through gazette notification, specifying the causes in writing, if it seems to the government that

(Ka) (I) the business of the company is being run to cheat its lenders, shareholders or any other person, or its administrative activities are being run for fraud or an illegal aim or to harass any member, or the company has been formed with the aim of cheating or running illegal activities; or
(II) The persons involved with the formation of the company or managing it have been accused of fraud, committing illegal activities, or misconduct to any other member;

(Kha) It is necessary to protect public interest or interest of the shareholders or lenders.

(2) No administrator can be appointed under sub-clause (1) without giving scope to the board of directors to explain the activities of the company.
(3) The qualifications, tenure, scope of work, and removal of the administrator/s will be set on a case-to-case basis through a gazette notification by the government.
(4) The appointed administrator/deputy administrator/assistant administrator will be considered as a public servant under section 21 of Code of Criminal Procedure of 1860.
(5) If anybody is affected by any activity done with good intentions by an administrator or any official or an employee or anybody empowered by him under this law, or there is any such possibility, it will not be cognizable under any existing law of the land.

(Translated by The Daily Star)