Delta Life’s audit committee chair changed

The Supreme Court's Appellate Division yesterday changed the chairman of the audit committee of Delta Life Insurance Company Limited and gave the insurer another two months to hold its annual general meetings (AGMs) for 2020, 2021 and 2022.

Upon hearing all parties, the Appellate Division's full bench appointed Fida M Kamal, a senior advocate, as an independent director and chairman of the audit committee.

In its June 5 order, it had allowed holding the AGM within four months.

However, the audit committee, chaired by Khondaker Sabbir Mohammad Kabir, failed to hold the audit committee meetings and review and adopt the financial reports for the three years.

In February 2021, the Insurance Development & Regulatory Authority (IDRA) appointed an administrator at the insurance company suspending its board.

As a result, the company's financial reports were not adopted and neither were the AGMs held.

The Delta is one of the largest life insurance companies in Bangladesh with a paid-up capital of Tk 123 crore.

The listed insurer's stocks were traded at Tk 138 at Dhaka Stock Exchange yesterday.