The parliamentary standing committee on commerce ministry will soon give its opinion on the extension of the four Multi-Level Marketing (MLM) companies as their respective licences those expired on February 2 this year.
The four MLM companies are Modern Herbal, World Mission, Shadhine Online and Rich Business System.
The government had awarded the licenses on March 05, 2014 and the licenses stated that the MLM firms would renew their registration in the Registrar of Joint Stock Companies and Firms by March 04, 2015.
“We are now examining the matter related to the four MLM companies as we have already interviewed the owners of the four MLM companies,” Motahar Hossain, a member of the standing committee, told the Dhaka Tribune.
He also said the committee would soon submit its report on renewing the licenses of the four MLM companies within 30 days.
“But, we had to stop our scheduled visit to the four companies due to the ongoing blockade and hartals,” he added.
Senior Secretary to the Commerce Ministry Hedayetullah Al Mamoon said, “We will make a decision on the renewal of license soon after getting opinion from the standing committee.”
According to the act, every MLM company must obtain a license before starting its business. If any person is found operating an MLM business without a valid license, he or she will be awarded a minimum of 5 years and maximum 10 years’ imprisonment and a penalty of Tk50 lakh.
