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 2023 (18).
- Election of Chairman and Vice Chairman
The company has informed that the Board of Directors has elected Brigadier General Mr. Md. Zakir Hossain, ndc, psc (LPR) as Chairman and Mr. Bajloor Rashid, MBE as Vice Chairman of the Company.
- Appointment of Acting Chief Executive Officer
The Company has informed that the Board of Directors has appointed Mr. Shahjahan Azadi, Deputy Managing Director as the acting Chief Executive Officer of the company in place of Mr. Ajit Chandra Aich.
- Appointment of Acting Company Secretary
The Company has informed that the Board of Directors has appointed Mr. Md. Abdul Karim, Head of Policy Servicing and Human Resources Department as the acting Company Secretary of the company in place of Mr. Md. Johir Uddin.
- BSEC Directive No. SEC/SRMIC/2005-15/1139(Part-3)/187, dated July 12, 2023 which reads as follows: \"Whereas, Progressiv
BSEC Directive No. SEC/SRMIC/2005-15/1139(Part-3)/187, dated July 12, 2023 which reads as follows: \"Whereas, Progressive Life Insurance Company Limited (herein after called as PLICL) is an issuer company listed with stock exchange and the shares of PLICL are being traded under \"A-category\" at stock exchanges, although PLICL has not hold any Annual General Meeting (AGM) since 2020; (cont.1)
- (Continuation of PROGRESLIF): And whereas, the Commission has conducted an enquiry regarding the financial irregularitie
(Continuation of PROGRESLIF): And whereas, the Commission has conducted an enquiry regarding the financial irregularities of Progressive Life Insurance Company limited; And whereas, the enquiry committee reported that the preparation and disclosures of financial statements did not reflect the actual scenario of the company and also did not comply with the different provisions of accounting standards, hence PLICL and the directors (cont.2)
The first part of this announcement is missing from the archive. - (Continuation of PROGRESLIF): seem to violate the related securities laws; And whereas, the enquiry committee identified
(Continuation of PROGRESLIF): seem to violate the related securities laws; And whereas, the enquiry committee identified huge irregularities in PLICL\'s acquisition of fixed and other assets, which reflected in the financial statements inaccurately and disseminated NAVs in the Price Sensitive Information (PSI) that have been misleading the investors; And whereas, the enquiry committee identified that PLICL\'s actions (cont.3)
The first part of this announcement is missing from the archive. - (Continuation of PROGRESLIF): tantamount to the violation of the code of corporate governance, hence leading to a comple
(Continuation of PROGRESLIF): tantamount to the violation of the code of corporate governance, hence leading to a complete breakdown in the company\'s corporate and financial governance structures; And whereas, the enquiry committee\'s report uncovered extensive non-compliances with regard to the appointment of independent directors, and promotions, salary increments, and bonus provisions of other employees. (cont.4)
The first part of this announcement is missing from the archive. - (Continuation of PROGRESLIF): However, those non-compliances have led to detrimental outcomes, such as compromised trans
(Continuation of PROGRESLIF): However, those non-compliances have led to detrimental outcomes, such as compromised transparency, compromised integrity of decision-making processes, erosion of trust among stakeholders, and potential financial losses for the company; And whereas, in addition to the aforementioned violations, the enquiry committee discovered several other irregularities and instances of non-compliances that have negative implications for investors, (cont.5)
The first part of this announcement is missing from the archive. - (Continuation of PROGRESLIF): hence those undermine the trust and confidence of investors, potentially leading to financ
(Continuation of PROGRESLIF): hence those undermine the trust and confidence of investors, potentially leading to financial losses and a diminished reputation for the company; Now, therefore, in exercise of the power conferred by Section 20A of the Securities and Exchange Ordinance,1969 (Ordinance No. XVII of 1969), the Commission hereby directs the Chairman, Directors, and the Managing Director of PLICL as well as both the stock exchanges to (cont.6)
The first part of this announcement is missing from the archive. - (Continuation of PROGRESLIF): comply with the followings: a) The shares of PLICL will be shifted or transferred to the \
(Continuation of PROGRESLIF): comply with the followings: a) The shares of PLICL will be shifted or transferred to the \"Z- category\" as it has failed to hold its Annual General Meeting (AGM) and to declare dividend to the shareholders for the preceding 2 (two) years; b) The Commission hereby nominates or appoints 05 (Five) Independent Directors for inclusion in the reconstituted board as per the condition No 2 of the Commission\'s Notification (cont.7)
The first part of this announcement is missing from the archive. - (Continuation of PROGRESLIF): No: SEC/CMRRCD/2009-193/07/Admin/106 dated 01 September 2020. Sl No., Name, position & ins
(Continuation of PROGRESLIF): No: SEC/CMRRCD/2009-193/07/Admin/106 dated 01 September 2020. Sl No., Name, position & institution of the Independent Directors are as follows: 1. Brigadier General Md. Zakir Hossain, ndc, psc, Ex-Chairman, Bangladesh Textile Mils Corporation (BTMC), Ministry of Textile and Jute, 2. Mohammed Forashuddin, PhD, Chief Adviser, East West University, Ex-Governor, BB, 3. Md. Jamil Sharif, PhD, FCMA, (cont.8)
The first part of this announcement is missing from the archive. - (Continuation of PROGRESLIF): Associate Professor, Department of Accounting & Information System, University of Dhaka, 4
(Continuation of PROGRESLIF): Associate Professor, Department of Accounting & Information System, University of Dhaka, 4. Dr. Tazrina Farah, Associate Professor, Department of Finance, University of Dhaka and 5. M. Shoeb Chowdhury, Chairman, The Asian age, Daily Deshkal, HSTC Limited. c) The Board of Directors of PLICL shall be reconstituted, within 45 (Forty-five) working days from the first day of placement of the (cont.9)
The first part of this announcement is missing from the archive. - (Continuation of PROGRESLIF): company to the \"Z-category\", by the existing Board of Directors from the Shareholders to
(Continuation of PROGRESLIF): company to the \"Z-category\", by the existing Board of Directors from the Shareholders to be eligible for director(s) and 05 (Five) Independent Director(s) nominated or appointed by the Commission as per the condition No 2 of the Commission\'s Notification No: SEC/CMRRCD/2009-193/07/Admin/106 dated 01 September 2020. (cont.10)
The first part of this announcement is missing from the archive. - (Continuation of PROGRESLIF): d) PLICL shall hold Annual General Meeting (AGM) within 6 months immediate to the closing
(Continuation of PROGRESLIF): d) PLICL shall hold Annual General Meeting (AGM) within 6 months immediate to the closing of the financial year subject to the limitations and compliance in other regulatory frameworks; This order shall have immediate effect.\" (end)
The first part of this announcement is missing from the archive. - Category Change
As per BSEC's directive no. SEC/SRMIC/2005 -15/1139 (Part-3)/187, dated July 12, 2023, the Company will be placed in 'Z' category from existing 'A' category with effect from today i. e., July 13, 2023 as it has failed to hold AGM and to declare dividend to the shareholders for the preceding 2 (two) years.
- Prohibition on providing loan facilities to purchase securities
The Stock Brokers and Merchant Bankers are requested to abstain from providing loan facilities to purchase securities of Progressive Life Insurance Co. Ltd. with effect from today i. e., July 13, 2023 as per BSEC Directive No. BSEC/CMRRCD/2009-193/32, dated December 26, 2021.
- The company has informed that Insurance Development and Regulatory Authority (IDRA) has appointed Mr. Md. Abdul Mozid, D
The company has informed that Insurance Development and Regulatory Authority (IDRA) has appointed Mr. Md. Abdul Mozid, Director, IDRA as Observer to the Board of Directors of the Company to protect the interest of policy holders and to ensure good governance of the Company. IDRA stated that policyholders are constantly filing complaints with IDRA (cont.)
- Appointment of Observer in Board of Directors of the Company by IDRA
(Continuation news of PROGRESLIF): due to non-payment of insurance claims on time by Progressive Life Insurance Co. Limited. IDRA also added that non-payment of insurance claims on time is causing extreme dissatisfaction among customers and tarnishing the image of the insurance industry. (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.