HC declares insurance regulator’s moves about Delta Life illegal
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
SUNDAY, MAY 29, 2022
SUNDAY, MAY 29, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
HC declares insurance regulator’s moves about Delta Life illegal

Court

TBS Report
06 January, 2022, 08:55 pm
Last modified: 06 January, 2022, 09:03 pm

Related News

  • State prosecution moves High Court on PK Halder’s arrest
  • HC questions the appointment of unelected Zila Parishad administrators
  • Highway land lease: HC asks ACC to submit report on 26 June
  • HC summons 77 PLFSL defaulters
  • HC refuses to suspend charges against photojournalist Kajol

HC declares insurance regulator’s moves about Delta Life illegal

The previous board of directors was restored through the HC judgment

TBS Report
06 January, 2022, 08:55 pm
Last modified: 06 January, 2022, 09:03 pm
HC declares insurance regulator’s moves about Delta Life illegal

The High Court on Thursday declared the Insurance Development and Regulatory Authority's (IDRA's) moves of suspending the board of Delta Life Insurance Company Ltd, and appointing and extending time of an administrator in the company illegal.

The High Court bench of Justice Khasruzzaman and Justice Md Mahmud Hassan Talukder made the previous rule – issued last year after hearing a writ petition filed the life insurer and some members of its suspended board – absolute, said Barrister Karishma Jahan, a lawyer for the petitioner.

They challenged the insurance regulator's moves of the company's board suspension, administrator appointment for four months, and time extension of the administrator, she told The Business Standard on Thursday evening.

The previous board of directors was restored through the HC judgment, she added.

Delta Life sources said, following the judgment, the administrator left the company head office in the capital's Gulshan area.

In February last year, IDRA suspended the insurer's board citing irregularities, and appointed a former IDRA member as the administrator for four months.

The ousted entrepreneurs went to the HC to challenge the regulator's move. They also filed an anti-corruption case against IDRA Chairman Dr M Mosharraf Hossain alleging him of demanding bribes.

Later, IDRA changed administrators in the company twice.

Meanwhile, the row between IDRA and Delta Life only kept intensifying until the Ministry of Finance on Wednesday had a meeting with both the parties in presence of senior ministry officials and the chairman of the Bangladesh Securities and Exchange Commission.

Delta Life filed 21 cases against IDRA and its chairman which were still in the court's jurisdiction during the ministry meeting. On the other hand, IDRA filed four against Delta Life.  

The ministry reportedly wants to end the row and see an inclusive board of directors in the company.

Top News / Corporates

HC / Delta Life Insurance / IDRA / regulator

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Patients opting to delay crucial treatment amid rising costs
    Patients opting to delay crucial treatment amid rising costs
  • Bankers unhappy with uniform exchange rate
    Bankers unhappy with uniform exchange rate
  • Photo: PID
    Brand Bangladesh as powerful peace promoting country: PM

MOST VIEWED

  • A bird’s eye view of the Hatirjheel Lake in Dhaka. The Rajdhani Unnayan Kartripakkha implemented a cleaning project in the lake and at presnt an odour-free Hatirjheel welcomes more visitors. Photo: Mumit M
    Evict all commercial establishments from Hatirjheel within 60 days: HC
  • Casino King Jubo League Leader Ismail Hossain Chowdhury Samrat
    Casino kingpin Samrat sent back to jail again
  • Haji Salim challenges HC verdict in graft case, seeks bail
    Haji Salim challenges HC verdict in graft case, seeks bail
  • Employees withdraw all cases against Grameen Telecom 
    Employees withdraw all cases against Grameen Telecom 
  • Representational Image. Picture: Collected
    Former OC Pradeep’s wife goes to jail in ACC case
  • Former IDRA member Sultan-ul-Abedine Molla sent to jail
    Former IDRA member Sultan-ul-Abedine Molla sent to jail

Related News

  • State prosecution moves High Court on PK Halder’s arrest
  • HC questions the appointment of unelected Zila Parishad administrators
  • Highway land lease: HC asks ACC to submit report on 26 June
  • HC summons 77 PLFSL defaulters
  • HC refuses to suspend charges against photojournalist Kajol

Features

Central bankers’ refusal to embark into ‘hard helicopter money’ experiment have been a good idea. Photo: Reuters

Venice has a 400-year-old Covid monetary lesson

59m | Panorama
Aiman R Khan. Illustration: TBS

Why ‘marry your rapist’ court orders are not always what they seem

3h | Thoughts
Photo: Collected

Top 3 The Ordinary products that give extraordinary results

5h | Mode
Photo: Courtesy

KVN Beauty: Channel your inner Bangalee baddie

5h | Mode

More Videos from TBS

Paper industry worth thousands of crores in Bogura

Paper industry worth thousands of crores in Bogura

24m | Videos
Photo: TBS

Tips to help you become a successful lawyer

6h | Videos
People bid adieu to Abdul Gaffar Chowdhury

People bid adieu to Abdul Gaffar Chowdhury

6h | Videos
Photo: TBS

Harassment over 'indecent clothing': Women gather at Narsingdi railway station to protest, show solidarity

6h | Videos

Most Read

1
Bangladesh Bank GM, DGM’s designation changed
Banking

Bangladesh Bank GM, DGM’s designation changed

2
Corporates go cashless…tax cut on cards
NBR

Corporates go cashless…tax cut on cards

3
Photo: Courtesy
Panorama

Misfit Technologies: A Singaporean startup rooted firmly in Bangladesh

4
British International Investment (BII) CEO Nick O’Donohoe. Illustration: TBS
Economy

BII to invest $450m in Bangladesh in 5 years

5
Representational image. Picture: Pixabay
Economy

Govt raises regulatory duty to discourage imports of 130 products

6
Photo: Collected
Industry

Spanish recycled cotton producer opens new facility in Bangladesh

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab