The commerce ministry in a letter to the apex trade body asked it to change rules relating to participation in its election within 15 days from yesterday as per the Trade Organisation Ordinance, 1961.

If the FBCCI fails to amend its rules as required within the time limit, the government can change the rules through a gazette notification.

Meanwehile, the FBCCI Election Commission has primarily fixed August 16 for the biennial polls.

As per the FBCCI constitution, of the 38 executive committee members of the apex trade body, 12 will be elected from district level chambers and 12 from trade associations, seven will be nominated from the MCCI and six divisional chambers, and seven from leading trade associations. FBCCI president will be elected from the association group this year.

Recently, various quarters concerned have urged the authorities not to allow loan defaulters to contest the FBCCI election, saying their presence in the executive body will not only discourage honest business persons but also encourage others to default on loans.

In the last week of April, FBCCI Vice President Mohammad Ali came to limelight when the state-owned Sonali Bank waived Tk 129 crore interest on loans taken by him.

According to sources, Ali has Tk 165 crore outstanding loans with Sonali Bank taken against Dhaka Vegetable Oil Industries Ltd, of which he is both chairman and managing director.

He took the loans showing edible oil stock at Dhaka Vegetable Oil Industries plant but Sonali Bank officials later found that the containers were filled with water. The bank has been treating the loans as bad loans since 1995.

Ali also took Tk 56 crore loan from Sonali Bank against Deshma Shoe Industries, which is also a defaulter. Banking sources said he has also defaulted loans of Tk 52 crore with Oriental Bank and Tk 33 crore with the IFIC bank.