Delta Life’s board suspended indefinitely

The Board of Directors of Delta Life Insurance, an listed life insurance company, has been suspended indefinitely by the regulatory body Insurance Development and Regulatory Authority (IDRA).

Earlier in February this year, the company’s board of directors suspended IDRA for four months. Now the moratorium has been extended.

Delta Life’s board of directors was suspended for four months, according to IDRA guidelines issued on Thursday. But due to the global epidemic of coronavirus, uncertain lockdowns and restrictions on overall movement have so far failed to meet the objectives set by the suspension.

“In this situation, the suspension of the company’s board of directors will continue until further notice by the IDRA to complete the audit report on Delta Life’s revenue and expenditure, government revenue and VAT evasion, income tax evasion, stamp duty evasion and other serious irregularities,” the letter said. Done.

Earlier, on February 11, Sultan-ul-Abedin Mollah, a former member of the IDRA, was appointed as the administrator of the company, which was listed on the stock exchange with a monthly stipend of Rs 4 lakh.

Sunbd/NJ