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28 March 2024


Business Insider Bangladesh

No legal bar to continue administrator in Delta Life Insurance: SC

BI Report || BusinessInsider

Published: 15:03, 20 February 2022  
No legal bar to continue administrator in Delta Life Insurance: SC

Delta Life Insurance Company Limited logo

The Appellate Division on Sunday extended the stay order on the proceedings of a High Court verdict until March 6, which declared the appointment of an administrator to operate Delta Life Insurance Company as illegal.

A five-member bench of the Appellate Division headed by Justice Md Nuruzzaman passed the order after hearing a petition filed by the Insurance Development and Regulatory Authority (IDRA) challenging the High Court’s verdict.

There will be no bar on Md Quddus Khan, former secretary, operating Delta Life Insurance as the administrator following the stay order granted by the apex court, said additional attorney general Sk Md Morshed.

The insurance regulator appointed administrator for four-months on February 11 last year, dismissing Delta Life Insurance’s board of directors on charges of various irregularities including additional expenses.

Besides, the IDRA also suspended the board of directors of the insurance company as an allegation was also raised against IDRA’s chairman M Mosharraf Hossain that he demanded Tk 50 lakh as bribe.

The dismissed board of directors of the Delta Life Insurance Company filed a writ petition with the High Court by challenging the appointment of the administrator. Later, the High Court declared the appointment of administrator in the company as illegal after hearing on the writ petition.

Later, the administrator filed an appeal with the Supreme Court for staying the operation of the HC order. After hearing on the appeal, the apex court on Sunday stayed the HC order until March 6.

 

Nagad
Walton