Hacker,
Excellent points - the real worry as you say is that a bunch of amateurs who would never get past a late night back-of-envelope pub chat get supported by the very community leaders who should be questioning them extremely thoroughly.
There is nothing about this company that gives me the slightest confidence that they will operate any flights - under their own licence, or somebody else's.
Much as though I can relate to the desparation to introduce some much needed competition on these routes, how many times have these guys been asked about the technical issues regarding getting a B767 off BHXs limited runway, then out and back via BOTH Sylhet AND Dhaka, within 24 hours?
Lawyer, the FSA have been informed, but I don't know how long they will take to act. There is a clear case here of some very suspicious activity going on, which at the very least needs to be properly regulated.
Above all else, I find the association between share ownership and employment opportunities to be really worrying - one step away from bribery, yet astonishingly blatant to make such a claim on their website.