Why Delta Life again halted board meeting | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Wednesday
July 09, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
WEDNESDAY, JULY 09, 2025
Why Delta Life again halted board meeting

Stocks

TBS Report
03 August, 2023, 09:50 pm
Last modified: 03 August, 2023, 11:57 pm

Related News

  • Bangladesh, US begin second round of tariff talks in Washington today
  • Trump's 35% tariff zaps Bangladesh's $8.4 billion export lifeline
  • July uprising injured vandalise foundation office over due compensation
  • Star ratings for public toilets: A bold step toward dignity, trust, and urban accountability
  • Conquered Ganobhaban, will triumph in parliament too: Nahid

Why Delta Life again halted board meeting

TBS Report
03 August, 2023, 09:50 pm
Last modified: 03 August, 2023, 11:57 pm

Delta Life Insurance, on Thursday, again halted its board meeting scheduled for the same day and the postponement of the much awaited meeting to review three years' annual reports and dividends hurt investor sentiment.

A sharp selloff made Delta Life the top losing stock on the Dhaka Stock Exchange on Thursday as it closed 6.4% lower at Tk144.3.

"Unfortunately, our audit committee chairman fell sick. Without him, the accounts cannot be placed at the board meeting," said Uttam Kumar Sadhu, company secretary of Delta Life.

"Hope we can fix the next date for the board meeting by the middle of the month and accomplish the annual general meetings (AGMs) within the stipulated date of 4 October," he added.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Tussle with regulator ended, now it is internal

The first private sector life insurer in the country has a history of getting through battles among sponsors, shareholders for dominating the board. Dividends and AGMs pending for years due to lawsuits were common for its shareholders.

The company in 2022, through a series of legal battles, got rid of the administrator appointed by the insurance regulator in early 2021. Over the period, its accounts and AGMs for 2019, 2020, 2021 were pending.

Last year, the Ministry of Finance mediated the construction of an interim board out of sponsor family members, public shareholders and independent directors. The Supreme Court mandated the interim board to hold the pending AGMs and appoint directors democratically.

Company sources said the number of board seats under control has emerged as the new apple of all discords within the company now. And, that was the main reason behind meeting postponements twice in a row.

Md Altaf Hossain Howlader, a shareholder of the company, filed a petition to the company bench of the high court last year seeking AGM and board formation in a way that complies with the insurance regulations. The case was dismissed on Wednesday as the high court found it redundant after its superior appellate court had already instructed on how to hold the AGM.

It all was about formation of the new board in the next AGM in compliance of both the Insurance Act and the Bangladesh Securities and Exchange Commission's (BSEC) law, said Barrister Sayed Mahsib Hossain who along with Barrister A M Masum represented the securities regulator.

"The court, during the dismissal order, asked for compliance with both the insurance and securities Laws," he added.

Company sources said securities laws nowadays do not recognise sponsor shareholders' descendants the same unless they were founding shareholders. The opponents were trying to use this card to reduce board seats for Delta's lion shareholding family as the family was outnumbering within the board while two of the descendants of the sponsor were non-sponsor directors.

Insurance act asked firms to form their board with a proportionate mix of sponsors, shareholders and independent directors.

Negotiations among the sponsors and directors were going on regarding which group would get how many seats in the upcoming board to dominate.

And the negotiation appears to be crucial for the general shareholders as they are waiting for AGMs and dividends. 

Infograph / Top News

Delta Life / Bangladesh

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

  • Clashes took place between police and protesters in Sylhet on 2 August. Photo: TBS
    Hasina authorised deadly crackdown on protesters during 2024 July uprising, BBC verifies leaked audio
  • File photo of Chattogram Port/TBS
    Cargo unloading at Ctg Port's outer anchorage suspended for three days amid rough seas
  • US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol as Republican lawmakers struggle to pass US President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, DC, US, June 27, 2025. Photo: REUTERS/Elizabeth Frantz/File Phot
    US could collect $300 billion in tariff revenue this year: US Treasury chief

MOST VIEWED

  • None saw it coming: What went wrong in Bangladesh’s tariff negotiation with US 
    None saw it coming: What went wrong in Bangladesh’s tariff negotiation with US 
  • File Photo: Rajib Dhar/TBS
    Bangladesh faces economic impact as US introduces 35% tariff on exports
  • Representational image. Photo: Collected
    Bangladesh reserves above $24b even after making $2b ACU payment 
  • Electric buses for capital: Tk2,500cr to be spent in 2 years
    Electric buses for capital: Tk2,500cr to be spent in 2 years
  • Representational image. Photo: TBS
    35% US tariff to be disastrous for Bangladesh's exports, say economists and exporters
  • Clashes took place between police and protesters in Sylhet on 2 August. Photo: TBS
    Hasina authorised deadly crackdown on protesters during 2024 July uprising, BBC verifies leaked audio

Related News

  • Bangladesh, US begin second round of tariff talks in Washington today
  • Trump's 35% tariff zaps Bangladesh's $8.4 billion export lifeline
  • July uprising injured vandalise foundation office over due compensation
  • Star ratings for public toilets: A bold step toward dignity, trust, and urban accountability
  • Conquered Ganobhaban, will triumph in parliament too: Nahid

Features

Dr Mostafa Abid Khan. Sketch: TBS

Actual impact will depend on how US retailers respond: Mostafa Abid Khan

1d | Economy
Thousands gather to form Bangla Blockade in mass show of support. Photo: TBS

Rebranding rebellion: Why ‘Bangla Blockade’ struck a chord

1d | Panorama
The Mitsubishi Xpander is built with families in mind, ready to handle the daily carpool, grocery runs, weekend getaways, and everything in between. PHOTO: Akif Hamid

Now made-in-Bangladesh: 2025 Mitsubishi Xpander

2d | Wheels
Students of different institutions protest demanding the reinstatement of the 2018 circular cancelling quotas in recruitment in government jobs. Photo: Mehedi Hasan

5 July 2024: Students announce class boycott amid growing protests

4d | Panorama

More Videos from TBS

Iran receives missile shipment from China

Iran receives missile shipment from China

1h | TBS World
Will JPA be able to survive in the political arena?

Will JPA be able to survive in the political arena?

14h | TBS Stories
Trump’s steel, aluminum tariffs bleed Indian foundries

Trump’s steel, aluminum tariffs bleed Indian foundries

3h | Others
July-August uprising in memory of Chatradal leader

July-August uprising in memory of Chatradal leader

16h | TBS Stories
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

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