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PLFSL

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PLFSL 07-Aug-2019

(DSENEWS): Referring to the earlier news disseminated on 14.07.2019 regarding suspension of Trading of Shares of the Company, the Board of Directors of Dhaka Stock Exchange Limited, in its 932nd meeting held on August 06, 2019, decided to extend the suspension period of trading of shares of the Company for further period of 15 days from August 13, 2019 as per the aforesaid Regulation.

PLFSL 18-Jul-2019

The Company has informed that they have received a certificate of the Lawyer of Bangladesh Bank regarding liquidation of the Company. It was also informed that Bangladesh Bank appointed a Provisional Liquidator to take charge of the assets of the Company.

PLFSL 15-Jul-2019

(Continuation news of PLFSL): The regulatory authority requires a Non-banking Financial Institutions to have minimum paid up capital of Tk. 1,000.00 million. Amount was Tk. 1,854,405,970.00 on 31 December 2018 and Tk. 1,854,405,970.00 on 31 December 2017. (End)

PLFSL 15-Jul-2019

(Continuation news of PLFSL): Without qualifying our opinion, we draw attention to the matter disclosed in note-14.1. Note: 14.1: Capital Adequacy: The company is subject to the regulatory capital requirement as stipulated in DFM circular no. 05 dated 24 July, 2011 of Bangladesh Bank. The capital requirement for Non-banking financial institution is neither ratio based nor risk based. (cont. 5)

PLFSL 15-Jul-2019

(Continuation news of PLFSL): which ultimately reduced investment by Tk. 93,728,877.00. Provision against these investments was not made as per FID circular no. 06, dated August 20, 2006. (3) There has been made huge adjustment entries which could not satisfy us resulting which there may appear certain misstatement in the Financial Statements because of the change in new software adoption. Matter of Emphasis: (cont. 4)

PLFSL 15-Jul-2019

(Continuation news of PLFSL): Last year 's figures have been restated as per instruction by the Bangladesh Bank resulting which an amount of Tk. 7,591,167,775.00 has been incurred as loss instead of previous year of Tk. 51,995,691.00 shown as per audited financial statement. (2) The cost value of the subsidiary company PLFS Investment Limited was Tk. 200,445,000.00. The equity of this subsidiary as on 31.12.2018 was Tk. 106,716,123.00 (cont. 3)

PLFSL 15-Jul-2019

(Continuation news of PLFSL): Consolidated figure of Tk. 1,591,406,828.00 during this year under reference. The total accumulated loss as on that date showed at Tk. 23,246,824,134.00 for the total group. Moreover, the current liabilities are 3.11 times higher than that of current assets. These conditions indicate the existence of material uncertainty that may cast significant doubt about the company's ability to continue as a going concern. (cont. 2)

PLFSL 15-Jul-2019

The auditor of the company has given the following "Basis for Qualified Opinion and Matter of Emphasis" paragraph in the audit report of the company prepared for the year ended on 31 December 2018. Basis for Qualified Opinion: (1) The company incurred a net loss of Tk. 1,495,823,505.00 during the year ended December 31, 2018 which along with subsidiary unit's loss namely PLFS Investment Limited stood at a (cont.1)

PLFSL 14-Jul-2019

(DSENEWS): The Board of Directors of Dhaka Stock Exchange Limited, in its meeting held on July 11, 2019, has decided to suspend the trading of shares of People's Leasing and Financial Services Ltd. in accordance with Regulation 50 of the Dhaka Stock Exchange (Listing) Regulations, 2015 from today (July 14, 2019) till getting confirmation from Bangladesh Bank on liquidation of the Company.

PLFSL 30-Jun-2019

The Company further informed that Board of Directors has also decided to hold an EGM to amend the clause of Article of Associations of the company relating to the numbers of Directors, Quorum and other related clauses, subject to the approval of concerned authorities and shareholders. Date of EGM: 17.09.2019, Time of EGM: 9:00 AM, Venue of EGM: RAOWA Convention Center (Anchor Hall), 3rd Floor, Mohakhali, Dhaka. Record Date for EGM: 05.08.2019.

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