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To the Editor
****Letters for publication in these columns should be addressed to the Editor and legibly written or typed with double space. For reasons of space, short letters are preferred, and all are subject to editing and cuts. Pseudonyms are accepted: However, all communications must bear the writer's real name, signature and address.
Multinational company shares
Sir, I congratulate Mr. Abdul Karim for his letter under the above caption published in your paper on June 22. Stock Market (Shares. Debentures, Bonds etc.) is now-a-days a unique phenomenon In the economic activities of a state. It Is more or less handled and controlled in a country like ours by the Controller of Capital Issues (CCI), the Registrar, Joint Stock Companies and sometimes the Central Bank. But, unfortunately In our country, the government officers who are entrusted with the above tasks are usually new In such Jobs. When after 2/3 years they gain experience in the field and can contribute that to the betterment of the state, they are transferred to other new posts. As a result, the field remains deprived of their
knowledge and experience. It Is rightly referred by Mr. Karim that few multinationals having registered offices in Karachi floated the equity shares in Karachi. The equity-ratio of such multinationals at present ranges between 70% and 80% in favour of foreign investors. After liberation, such multinational shares could have smoothly been made available to the public in Bangladesh, but due to the faulty decision of the past government that could not be made available as such. Mr. Karim has rightly mentioned that the CCI failed to provide the public with such shares.by reducing, at the time of Right Issues, the present percentage of shareholdings, both foreign and Government of Bangladesh.
Be that as it it may. the decision of the present government to sell multinational
shares — of few companies — directly to the public is the correct decision and the present government deserves congratulations for it. It is learnt that there is pressure from certain vested quarters to revise the decision and not to sell such shares to the public. The shares belong to the government and the government wants to broad base the shareholding position of such companies by selling such shares directly to the public. What is the harm in it, in so far as the growth of stock market in the country is concerned? Let the shares be sold directly to the public through the Stock Exchange or the government itself with the secretarial help, If necessary, of the companies concerned. Such practice of selling shares directly to the public by a shareholder which is an institution, was in vougue in the neighbouring countries. Like money let the shares roll and move freely so that stock market may be reactivated. Thus people and government both will be benefited. Multinational shares deserve to be sold directly to the public for the greater Interest of the country.
Aztzul Haque Chittagong.
BARI affairs
Sir, Despite repeated enquires into the mismanagement. alleged corruption and nepotism in the country's largest agricultural research institute, somehow or other no action is being taken against the concerned elements.
There are special President's audit, Ministry of Agriculture's enquiry team, and many others in last few months at the Bangladesh Agricultural Research Institute and all the allegations were reported to be corroborated. It is the expectation of the people and seven hundred scientists of the institute that the Sresent government would ful-
1 Its vow by taking stern and quick action against corrupt elements.
Reaz Hasan Chowdhury Scientific Officer. BARI
CI sheet standard
Sir, At least we are proud to observe that some of our news photographers Including those of BTV have been praised in respect of focusing our damages and miseries caused by the cyclone of 29-30 April. 1991. The CI sheet rooftops, dwelling houses made of CI sheets, CI sheet structures etc. were depicted in greater detail
so as to prove the intensity of the cyclone.
Bangladesh Standards Institution continues to publish the specifications of CI sheets in dailies regularly but neither the government nor the Engineers Institution has specified the gauge of CI sheet to be used in cyclone or norwester prone areas.
The government may fix the gauge of CI sheet as 22G for cyclone prone areas and 240 for other areas. There is no fun to photograph the twisted and deformed CI sheets of dwellings after every cyclone and beg for help.
Sadik Alee Maghbazar, Dhaka.
Unjust discrimination
Sir, It is universal assumption that in a civilised society a law is applicable equally to all, but our T&T Board seems to have two different ways of applying the same law — one for the Government and V.I.Ps and the other for the general public. Under the rules framed by the T&T Board, a telephone is liable to be disconnected unless the bills arc paid within a prescribed period and this rule Is Invariably applied to all private telephone subscribers. In the case of Government Departments and other public
institutions, however, this rule is rarely applied and huge outstandings are allowed to accumulate month after month and often year after year. According to a recent news Item, a sum of as much as Tk 1.37 crore was allowed to remain outstanding against a large number of former MPs.
How does the T&T Board Justify this blatant discrimination between the Government and V.I.Ps on the one hand and the general public on the other ?
AQayyum
Gulshan. Dhaka.
Justice and welfare
Sir, To re-establish social order and discipline In the society we have to revive our moral promises including the courage and tolerance to accept the right things and to reject the wrong ones.
A man who commits a social or moral crime should be treated as a criminal by every quarter irrespective of his social or political affiliation.
Let the law-enforcing agencies operate independently. Let Justice defend Justice and let democracy ensure people's welfare.
M Zahidul Haque
Bangladesh Agricultural Institute. Dhaka—1207.