Progressive Life Insurance Company Limited announcements
253 Dhaka Stock Exchange announcements for Progressive Life Insurance Company Limited (PROGRESLIF) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2020 (59).
- The auditor of the Progressive Life Insurance Co. Ltd has given the "Qualified Opinion" & "Emphasis of Matter" paragraph
The auditor of the Progressive Life Insurance Co. Ltd has given the "Qualified Opinion" & "Emphasis of Matter" paragraphs in the Auditor's Report for the year ended on 31 December 2019. Qualified Opinion: 1. The Quarterly un- audited Financial Statements for the quarter ended March 31, 2019, June 30, 2019, and September 30, 2019 was sent at a time to Bangladesh Securities and Exchange Commission on June 04, 2020. The company is not in compliance with (cont.1)
- (Continuation news of PROGRESLIF): the notification (BSEC/CMRRCD/ 2006-158/208/Admin/81.) by Bangladesh Securities and E
(Continuation news of PROGRESLIF): the notification (BSEC/CMRRCD/ 2006-158/208/Admin/81.) by Bangladesh Securities and Exchange Commission dated June 20, 2018 para 4 and the Dhaka Stock Exchange (Listing) Regulations, 2015 dated June 30, 2015 regulation no- 17; 2. An amount of Tk. 131,317,179 Thirteen crore thirteen lac seventeen thousand one hundred and seventy-nine taka only) and (cont.2)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): Tk. 466,397,243 (Forty-six crore sixty- three lac ninety-seven thousand two hundred a
(Continuation news of PROGRESLIF): Tk. 466,397,243 (Forty-six crore sixty- three lac ninety-seven thousand two hundred and forty-three taka only) was shown as a premium income from first year premium and renewal premium respectively in the Life Revenue Account of the Financial Statements of the Company. For our further verification we were not supplied with premium income from database of policy management system of the company and due to(cont.3)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): non-compliance of the IFRS 15 (Revenue from contract with customers) and the IFRS 4 (
(Continuation news of PROGRESLIF): non-compliance of the IFRS 15 (Revenue from contract with customers) and the IFRS 4 (Insurance contract), the premium income is not confirmed; 3. The amount of Tk. 59,061,070 (Five crore ninety lac sixty-one thousand and seventy taka only) was shown as outstanding premium in the Balance Sheets (note 18) of the company for the provided renewal premium for the month of November and December of 2019. (cont.4)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): Whereas as per IDRA guideline the company can made provision for renewal income up to
(Continuation news of PROGRESLIF): Whereas as per IDRA guideline the company can made provision for renewal income up to 30 days as grace period; 4. The company has incurred an excess amount of Tk. 87,900,450 (Eight crore seventy-nine lac four hundred and fifty taka only) as management expense in the year 2019 from allowable limit mentioned in Section 62 of the Insurance Act, 2010 and Rule 39 of The Insurance Rules, 1958; (cont.5)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): 5. No computation has been made for current tax as per Schedule IV of the Income Tax
(Continuation news of PROGRESLIF): 5. No computation has been made for current tax as per Schedule IV of the Income Tax Ordinance, 1984. As disclosed in note 10.01 in the accompanying financial statements. Income tax provision has been made on lump sum basis. As the amount of provision could not be calculated in accordance with the provision of Schedule IV of the Income Tax Ordinance, 1984, hence profit may be overstated or understated to the extent (cont.6)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): of such provision; 6. The company has a flat in Chittagong at a cost price of Taka 34
(Continuation news of PROGRESLIF): of such provision; 6. The company has a flat in Chittagong at a cost price of Taka 34,707,416 (Three crore forty-seven lac seven thousand four hundred and sixteen taka only) ownership of which is disputed, and legal proceeding is in process. The Company could not take over any possession as yet but included in land and building deviating the principle of capitalization as IAS 16 Property, Plant, and Equipment; (cont.7)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): 7. Petty cash balance of BDT 9,142,890 (Ninety-one lac forty-two thousand eight hundr
(Continuation news of PROGRESLIF): 7. Petty cash balance of BDT 9,142,890 (Ninety-one lac forty-two thousand eight hundred and ninety taka only) from 47 closed service cells have been shown in the consolidated petty cash balance of BDT 42,024,147 (Four crore twenty lac twenty-four thousand one hundred and forty-seven taka only). As per management of the Company the above mentioned 47 service cells have been closed between 2011 to 2019 and (cont.8)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): these petty cash balance BDT 9,142,890 (Ninety-one lac forty-two thousand eight hundr
(Continuation news of PROGRESLIF): these petty cash balance BDT 9,142,890 (Ninety-one lac forty-two thousand eight hundred and ninety taka only) are lying with the respective agents of closed service cells, which they are trying to recover. But no provision has been maintained against BDT 9,142,890 (Ninety-one lac forty-two thousand eight hundred and ninety taka only) in the audited financial statements as per IAS 37, para 14; (cont.9)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): 8. The note 9 to the financial statements of the company includes an amount of Tk. 30
(Continuation news of PROGRESLIF): 8. The note 9 to the financial statements of the company includes an amount of Tk. 304,187,412 (Thirty crore forty-one lac eighty-seven thousand four hundred and twelve taka only) as estimated liability in respect of outstanding claims whether due or intimated. The outstanding balances include death claim, survival benefit, and maturity claim amounting Tk. 18,116,320(cont.10)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): (One crore eighty-one lac sixteen thousand three hundred and twenty taka only), Tk. 2
(Continuation news of PROGRESLIF): (One crore eighty-one lac sixteen thousand three hundred and twenty taka only), Tk. 28,381,263 (Two crore eighty-three lac eighty-one thousand two hundred and sixty-three taka only) and Tk. 253,698,909 (Twenty-five crore thirty-six lac ninety-eight thousand nine hundred and nine taka only) respectively. The deadline of settlements of death claims is 90 days as per provision of section 72 of the Insurance Act 2010 and (cont.11)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): the maturity claim and survival benefit shall be settled as per condition of policy c
(Continuation news of PROGRESLIF): the maturity claim and survival benefit shall be settled as per condition of policy contract. For instance the policy of Ms. Chhabi Rani Kundu (Policy no- 01096180) was commenced on April 10, 2006 and matured on April 10, 2018 but the claim was paid on January 02, 2019. The policy of Mr. Md. Panjab Ali Mollah (Policy no- 01092017) was commenced on December 28, 2005 and matured on December 28, 2017 but(cont.12)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): the policyholder was paid for the claim on January 02, 2019. The policy of Mst. Jahan
(Continuation news of PROGRESLIF): the policyholder was paid for the claim on January 02, 2019. The policy of Mst. Jahanara Begum (Policy no- 00267087) was commenced on April 30, 2003 and matured on April 30, 2018 but subsequently the policy claim was settled on January 02, 2019. From the above instance it is evident that the claims were not settled as per condition of the policy contract. 9. According to the Insurance Act 2010 Section 21 and (cont.13)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): Schedule 1, in case of registered company in Bangladesh shall maintain minimum thirty
(Continuation news of PROGRESLIF): Schedule 1, in case of registered company in Bangladesh shall maintain minimum thirty crores taka out of which 60 % shall be subscribed by the sponsor and remaining 40 % shall be subscribed by the general public. The company has not maintained the paid-up capital as per schedule 1 of the insurance Act 2010; 10. According to the 157th Board of Directors meeting, dated December 02, 2019 and 19th Annual General Meeting dated(cont.14)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): February 02, 2020, the company has declared and approved 12% stock dividend for the y
(Continuation news of PROGRESLIF): February 02, 2020, the company has declared and approved 12% stock dividend for the year ended December 31, 2018 amounting Tk. 16,210,870 (One crore sixty two lac ten thousand eight hundred and seventy taka only) to its shareholders. The company have made provision for the dividend declared in the year 2019; 11.As per our review of the statement of cash flows of the financial statements, the operating cash flows of the(cont.15)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): Company was negative and as a result of the excess cash outflows pace of disbursement
(Continuation news of PROGRESLIF): Company was negative and as a result of the excess cash outflows pace of disbursement of maturity claim in due time is not up to the mark; 12.According to the directions of the IDRA, the premium received cannot be adjusted with the expenses (i.e.- Commission and allowance etc.) and the commission and allowance etc. should be paid through banking channel. IDRA's directions in this regard is not complied with; (cont.16)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): 13.According to the Labor Act 2006 the company should have Gratuity Fund for the empl
(Continuation news of PROGRESLIF): 13.According to the Labor Act 2006 the company should have Gratuity Fund for the employees. The company does not have any recognized gratuity fund; 14. The note 19.01 of the Financial Statements includes an amount of Tk. 1,005,563,375 (One hundred crore fifty- five lac sixty-three thousand three hundred and seventy-five taka only) as Investment in FDR. The company have investment in the People's Leasing and Financial (cont.17)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): Service amounting Tk. 10,000,000 (One crore taka only) against which the recovery of
(Continuation news of PROGRESLIF): Service amounting Tk. 10,000,000 (One crore taka only) against which the recovery of the amount is in question due to the liquidation threat. The company doesn't have made any provision regarding the investment; 15.The company have entered into an agreement on June 26, 2014 with Leadsoft Bangladesh Limited for the implementation of the InsurSoft and as per agreement the software will be implemented within twelve months and the(cont.18)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): Company has paid TK. 4,500,000 (Forty five lac taka only) as advance against the soft
(Continuation news of PROGRESLIF): Company has paid TK. 4,500,000 (Forty five lac taka only) as advance against the software. As per our review, the software is still yet to be implemented; Emphasis of Matter: a) In Annexure A of note 14 of the financial statements, management has disclosed that, the flat in Chattogram, address # Zahura Tower, 1401 Sheikh Mujib Road, Agrabad C/A, Chattogram purchased at a price of Tk. 34,707,416 for which legal(cont.19)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): proceeding about ownership is under process in the Joint 2nd District Judge, Chattogr
(Continuation news of PROGRESLIF): proceeding about ownership is under process in the Joint 2nd District Judge, Chattogram vide case no. 62/12; b) The Company has filed Schedule - X: "annual list of members and summary", Form Xll and Form XV to the Registrar from 2014 to 2019 on 14 October 2020 which was not in line with section 36 of the Companies Act, 1994; c)The note 23 to the financial statements includes dividend income amounting (cont.20)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): Tk. 3,738,464 (Thirty-seven lac thirty-eight thousand four hundred and sixty-four tak
(Continuation news of PROGRESLIF): Tk. 3,738,464 (Thirty-seven lac thirty-eight thousand four hundred and sixty-four taka only). The dividend income includes an amount of Tk. 1,427,952 (Fourteen lac twenty-seven lac nine hundred and seventy-two taka only) as dividend income of CDBL for the year ended June 30, 2018. The AGM of CDBL held on December 19, 2018; d) The company has recognized Provident Fund which is required to be audited by a firm of(cont.21)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): Chartered Accountants. During the course of our external audit we were not provided w
(Continuation news of PROGRESLIF): Chartered Accountants. During the course of our external audit we were not provided with the Financial Statements of the Fund; e) The Company has a documented IT policy for media device, internet, spam mail and related support, but it doesn't cover overall IT security functions viz. password policy, network security policy, disposal of IT equipment; (cont.22)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): f) The Financial Statements includes an amount of Tk. 4,863,891 shown as other deposi
(Continuation news of PROGRESLIF): f) The Financial Statements includes an amount of Tk. 4,863,891 shown as other deposit against agents and employer of agent's license /certificate fee. The Company should take appropriate steps to collect licenses /certificates from IDRA as per provision of section 124 and 125 of the Insurance Act 2010;(end)
The first part of this announcement is missing from the archive. - (Q1 Un-audited): Decrease in life revenue account for Jan- March, 2020 was Tk. 57.69 million with total life insurance f
(Q1 Un-audited): Decrease in life revenue account for Jan- March, 2020 was Tk. 57.69 million with total life insurance fund of Tk. 2,711.95 million as against decrease in life revenue account of Tk. 36.82 million with total life insurance fund of Tk. 2,719.19 million respectively for the same period of the previous year.
- (Q2 Un-audited): Increase in life revenue account for Apr-June 2020 was Tk. 43.90 mn. with total life insurance fund of
(Q2 Un-audited): Increase in life revenue account for Apr-June 2020 was Tk. 43.90 mn. with total life insurance fund of Tk. 2,755.85 mn. as against increase in Tk. 31.38 mn. and Tk. 2,750.56 mn. respectively for the same period of the previous year. Decrease in life revenue account for Jan-June 2020 was Tk. 13.79 mn. with total life insurance fund of Tk. 2,755.85 mn. as against decrease in Tk. 5.45 mn. and Tk. 2,750.56 mn. respectively for the same period of the previous year.
- (Q3 Un-audited): Decrease in life revenue account for July-September, 2020 was Tk. 36.19 million as against decrease in
(Q3 Un-audited): Decrease in life revenue account for July-September, 2020 was Tk. 36.19 million as against decrease in Tk. 27.69 million for July-September, 2019. Whereas decrease in life revenue account for Jan-September, 2020 was Tk. 49.98 million with total life insurance fund of Tk. 2,719.66 million as against decrease in Tk. 33.13 million and Tk. 2,722.88 million respectively for the same period of previous year.
- Trading of the shares of the Company will resume on 23.11.2020 after record date.
Trading of the shares of the Company will resume on 23.11.2020 after record date.
- Trading of the shares of the Company will remain suspended on record date i.e., 22.11.2020.
Trading of the shares of the Company will remain suspended on record date i.e., 22.11.2020.
- Trading of the shares of the Company will be allowed only in the Spot Market and Block transactions will also be settled
Trading of the shares of the Company will be allowed only in the Spot Market and Block transactions will also be settled as per Spot settlement cycle with cum benefit from 18.11.2020 to 19.11.2020. Trading of the shares of the Company will remain suspended on record date i.e., 22.11.2020.
- The Board of Directors has recommended 10% stock dividend for the year ended on December 31, 2019. Date of AGM: 29.12.20
The Board of Directors has recommended 10% stock dividend for the year ended on December 31, 2019. Date of AGM: 29.12.2020, Time: 12:00 noon, Venue: Digital Platform. Record Date: 22.11.2020. The Company has also reported EPS of Tk. 1.07, NAV per share of Tk. 21.87 and NOCFPS of Tk. (15.72) for the year ended on December 31, 2019 as against Tk. 1.72, Tk. 54.40 and Tk. (15.16) respectively for the same period of the previous year. (cont.1)
- (Continuation news of PROGRESLIF): The Company has further informed that a) Reason for declaration of Bonus share to com
(Continuation news of PROGRESLIF): The Company has further informed that a) Reason for declaration of Bonus share to comply Insurance Act- 2010 and repeatedly direction by the IDRA to raise paid up capital up to 30.00 crore immediately according to schedule 1. So, these are no alternatives to increase the paid up capital other than bonus share or right share issued. (cont.2)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): That's why Company declared bonus shares. Further informed that the said bonus shares
(Continuation news of PROGRESLIF): That's why Company declared bonus shares. Further informed that the said bonus shares declared according to Actuary Valuation and Surplus. b) Bonus share were declared considering only Actuarial surplus and (cont.3)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): c) Bonus shares were not declared out of from capital reserve on revaluation reserve
(Continuation news of PROGRESLIF): c) Bonus shares were not declared out of from capital reserve on revaluation reserve unrealized gain or out of profit earned prior to incorporation of the Company or through reducing paid up capital or through doing anything so that the post dividend retained earnings become negative or a debit balance. (end)
The first part of this announcement is missing from the archive. - There will be no price limit on the trading of the shares of the Company today (01.11.2020) following its corporate decl
There will be no price limit on the trading of the shares of the Company today (01.11.2020) following its corporate declaration, however, as per the BSEC Order No. BSEC/CMRRCD/2001-07/04 dated March 19, 2020, the floor price shall be applicable accordingly.
- As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting
As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on October 29, 2020 at 3:00 PM to consider, among others, audited financial statements of the Company for the year ended on December 31, 2019.
- As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on October 29, 2020 at 3:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended on March 31, 2020, Second Quarter (Q2) period ended on June 30, 2020 and Third Quarter (Q3) period ended on September 30, 2020.
- The Company has informed that Mrs. Qudsia Chowdhury, Sponsor of the company passed away on 10.08.2017. Her total holding
The Company has informed that Mrs. Qudsia Chowdhury, Sponsor of the company passed away on 10.08.2017. Her total holding of 100,866 shares will be transmitted in the account (s) of her successor (s) as per succession certificate issued by the Honorable Court.
- (Continuation news of PROGRESLIF): filed any return of income for any of the assessment years after the assessment year
(Continuation news of PROGRESLIF): filed any return of income for any of the assessment years after the assessment year (AY) 2013-14. But PLICL is in process to file the income tax returns for the AY 2015-16, 2016-17, 2017-18 and 2018-19; Note 3.13.1(b) - Current Tax: A legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh on the name of the Company's affairs which are yet to be resolved. Due to this reason, the Company does not file (cont. 12)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): any return of income for any of the assessment years after the assessment year (AY) 2
(Continuation news of PROGRESLIF): any return of income for any of the assessment years after the assessment year (AY) 2014-15. But the Company is in process to file the Income Tax returns for the AY 2015-16, 2016-17, 2017-18, 2018-2019 and 2019-2020. d) According to note 4.05 of the financial statements, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. (cont. 13)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): Due to this reason, PLICL could not submit "Quarterly Financial Statements" to the Ex
(Continuation news of PROGRESLIF): Due to this reason, PLICL could not submit "Quarterly Financial Statements" to the Exchange and the Commission in accordance with the Regulation 17 of Dhaka Stock Exchange (Listing) Regulations, 2015. PLICL has submitted its all un-audited Quarterly Financial Statements up to the 1st Quarter of 2018 to the BSEC on 25 July 2018; Note 4.05 - Quarterly Financial Statements to the Exchange and the Commission: "A legal proceeding is running (cont. 14)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): in the Honorable High Court division of Supreme Court of Bangladesh in the name of th
(Continuation news of PROGRESLIF): in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, the Company could not submit "Quarterly Financial Statements" to the Exchange and the Commission in accordance with the Regulation 17 of Dhaka Stock Exchange (Listing) Regulations, 2015. The Company has submitted its all un-audited Quarterly Financial Statements up to the 1st Quarter of 2018 (cont. 15)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): to the BSEC on 25 July 2018. e) As disclosed in note 4.06 to the financial statements
(Continuation news of PROGRESLIF): to the BSEC on 25 July 2018. e) As disclosed in note 4.06 to the financial statements that a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, Annual Financial Statements of PLICL could be not audited within 120 days from the date on which its financial year ends and a copy of such Audited Financial Statements (cont. 16)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): could not be submitted to the Commission and the Stock Exchange within 14 days accord
(Continuation news of PROGRESLIF): could not be submitted to the Commission and the Stock Exchange within 14 days according to Regulation 18 of Dhaka Stock Exchange (Listing) Regulations, 2015; Note 4.06 - Audit of Annual Financial Statements: A legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, Annual Financial Statements (cont. 17)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): of the Company could not be audited within 120 days from the date on which its financ
(Continuation news of PROGRESLIF): of the Company could not be audited within 120 days from the date on which its financial year ends and a copy of such Audited Financial Statements could not be submitted to the Commission and the Stock Exchange within 14 days according to Regulation 18 of Dhaka Stock Exchange (Listing) Regulations, 2015. f) According to note 4.07 of the financial statements, legal proceeding is running in the Honorable High Court division of (cont. 18)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolv
(Continuation news of PROGRESLIF): Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL could not hold any general meeting as its annual general meeting since 2013 in accordance with Section 81 of the Companies Act, 1994. With the approval of the Court, PLICL has held its 14th, 15th and 16th AGMs for the years 2013, 2014 and 2015 respectively on 12 September 2019; Note 4.07 - Annual General meeting (AGM): (cont. 19)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): A legal proceeding is running in the Honorable High Court division of Supreme Court o
(Continuation news of PROGRESLIF): A legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, the Company could not hold any general meeting as its annual general meeting since 2013 in accordance with Section 81 of the Companies Act, 1994. With the approval of the Court, the Company has held its 14th, 15th and 16th AGMs for the years 2013, 2014 and 2015 (cont. 20)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): respectively on 12 September 2019. g) As disclosed in note 4.08 to the financial stat
(Continuation news of PROGRESLIF): respectively on 12 September 2019. g) As disclosed in note 4.08 to the financial statements that, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. So that, PLICL has not filed Schedule-X: "annual list of members and summary" to the Registrar in each year since 2013 according to Section 36 of the Companies Act, 1994; Note 4.08 - Annual Return to RJSC: (cont. 21)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): As legal proceeding is running in the Honorable High Court division of Supreme Court
(Continuation news of PROGRESLIF): As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this matter, the Company does not file Schedule-X: "annual list of members and summary" to the Registrar in each year since 2013 according to Section 36 of the Companies Act, 1994. h) As disclosed in note 4.09 to the financial statements, PLICL does not make actuarial valuation (cont. 22)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): and investigate its financial status of the life insurance business by an actuary acc
(Continuation news of PROGRESLIF): and investigate its financial status of the life insurance business by an actuary according to the regulatory procedure and in a prescribed manner for the years 2016 and 2017 in accordance with Section 30 of the Insurance Act, 2010, because, legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. On October 02, 2019 PLICL has appointed (cont. 23)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): Dr. Mohammad Sohrab Uddin, Ph.D, AlA, Consulting Actuary, to Complete Actuarial valua
(Continuation news of PROGRESLIF): Dr. Mohammad Sohrab Uddin, Ph.D, AlA, Consulting Actuary, to Complete Actuarial valuation of the policy liabilities as at 31 December 2016, 2017 and 2018 respectively; Note 4.09 - Actuarial Valuation and Investigation: The Company does not make actuarial valuation and investigate its financial status of the life insurance business by an actuary according to the regulatory procedure and in a prescribed manner for the year 2016 and 2017 (cont. 24)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): in accordance with Section 30 of the insurance Act, 2010. Because, legal proceeding i
(Continuation news of PROGRESLIF): in accordance with Section 30 of the insurance Act, 2010. Because, legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh on the name of the Company's affairs which are yet to resolve. On October 02, 2019 the Company has been appointed Dr. Mohammad Sohrab Uddin, Ph.D, AlA, Consulting Actuary, to Complete Actuarial valuation of the policy liabilities as at 31 December 2016, 2017 and (cont. 25)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): 2018 respectively. i) As legal proceeding is running in the Honorable High Court divi
(Continuation news of PROGRESLIF): 2018 respectively. i) As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL could not provide the financial statements and auditor's certified copy on details of deposited money and assets of the "Life Insurance Fund" within 6 months from the end of year 2017 to the authority in accordance with Section 32 and (cont. 26)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): Section 26(3) respectively of the Insurance Act, 2010, which disclosed in note 4.10 t
(Continuation news of PROGRESLIF): Section 26(3) respectively of the Insurance Act, 2010, which disclosed in note 4.10 to the financial statements; Note 4.10 - Report to the Authority (IDRA): As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. Due to this reason, The Company could not provide the financial statements and auditor's certified copy on details of (cont. 27)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): deposited money and assets of the "Life Insurance Fund" within 6 months from the end
(Continuation news of PROGRESLIF): deposited money and assets of the "Life Insurance Fund" within 6 months from the end of year 2018 to the authority in accordance with Section 32 and Section 26(3) respectively of the Insurance Act, 2010. j) In note 14.4.2 of the financial statements, PLICL stated the reason for not following the rule mentioned in the Insurance Rules, 1958, rule 10A(1)(e)(i). According to Rule 10A(1)(e)(i) of the Insurance Rules, 1958, investment of balance assets (cont. 28)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): in any other investment including capital market shall be made in ordinary shares of
(Continuation news of PROGRESLIF): in any other investment including capital market shall be made in ordinary shares of such company, where dividends of not less than 10% including bonus have been paid on such shares for the past three years immediately preceding the date of investment or for at least four out of past seven years immediately preceding the date of investment. During the year 2018, PLICL has invested BDT 6,965,061 beyond the aforementioned provision (cont. 29)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): because PLICL prudently thinks that said investment would be profitable in future; No
(Continuation news of PROGRESLIF): because PLICL prudently thinks that said investment would be profitable in future; Note 14.4.2 - Investment in listed shares (as at 31st December 2018): Book value of Investment in listed shares was Taka 72,437,744.21 and Market value (quoted price) of Investment in listed shares was Taka 56,816,031.00. According to Rule 10A(1)(e)(i) of the Insurance Rules, 1958, investment of balance assets in any other investment including capital market (cont. 30)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): shall be made in ordinary shares of such company, where dividends of not less than 10
(Continuation news of PROGRESLIF): shall be made in ordinary shares of such company, where dividends of not less than 10% including bonus have been paid on such shares for the past three years immediately preceding the date of investment or for at least four out of past seven years immediately preceding the date of investment. During the year 2018, the Company has invested BDT 6,965,061 beyond the aforementioned provision because the Company prudently thinks that (cont. 31)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): said investment would be pro?table in future. k) In note 18 of the financial statemen
(Continuation news of PROGRESLIF): said investment would be pro?table in future. k) In note 18 of the financial statements, PLICL disclosed that PLICL recognizes outstanding premium as revenue according to IFRS 9. Outstanding premium as at December 31, 2018 has been collected subsequently. Note 18 - Outstanding premium: Balance of Outstanding premium as on 31-12-2018 was Taka 76,669,720 and as on 31-12-2017 was Taka 91,482,560. (cont. 32)
The first part of this announcement is missing from the archive. - (Continuation news of PROGRESLIF): The Company disclosed that PLICL recognizes outstanding premium as revenue according
(Continuation news of PROGRESLIF): The Company disclosed that PLICL recognizes outstanding premium as revenue according to IFRS 9. Outstanding premium as at December 31, 2018 has been collected subsequently. (end)
The first part of this announcement is missing from the archive.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.