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The Appellate Division of the Supreme Court on Monday approved the settlement agreement to form the board of directors of Delta Life Insurance Company.
The bench comprising three justices headed by Chief Justice Hasan Foez Siddique gave the approval after a hearing. Two others justices were Justice Obaidul Hasan and Justice M Enayetur Rahim.
“Following the approval of SC, there is no legal bar to form a new board of directors removing administrator of the Delta Life insurance,” said advocate Sahanara Begum who took part in the hearing.
Insurance Development Regulatory Authority (IDRA) Spokesperson SM Shakil Akhtar told The Business Post that as per the apex court order, the administrator will be withdrawn and instruction will be given to run the company by its board of directors.
Earlier, IDRA suspended the Delta Life’s board of directors on 11 February, 2021 and appointed former IDRA member Sultan-ul-Abedin as the administrator of the company.
Later, over the past one and half a year, the administrator has been changed three times. At present, IDRA’s former member Kuddus Khan is working as the administrator of the insurance company.
New board of directors
As per the settlement agreement, Hafiz Ahmed Majumdar and Dr Md Jonaid Safiq will be the chairman and vice-chairman of the company respectively.
Suraiya Rahman and Zeyad Rahman will serve as members of the board of directors of the company. Hafiz Ahmed Majumder and Shakib Aziz were proposed as independent directors of the company, according to the agreement.
Adeeba Rahman, Chaklader Rezanul Alam, and Dr Md Jonaed Shafiq will be appointed as directors of the company.
The new board of directors will accept the resignations of current Chairman Lt Gen (Retd) M Noor Uddin Khan and directors Salauddin Ahmed, Anika Rahman, Saika Rahman and Shamsul Islam.
The decisions on appointments and resignations will be implemented through the first possible meeting of the new board of directors of the company.
