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PROGRESLIF

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PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): Due to this reason, the Company has not held any general meeting as its annual general meeting since 2013 in accordance with Section 81 of the Companies Act, 1994; Note 4.07-Annual General Meeting (AGM): 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 has not held any general meeting (cont. 15)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): 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 Supreme Court of Bangladesh in the name of the Company's affairs which are yet to be resolved. (cont. 14)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): 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 the Company could be not audited within 120 days from the date on which it's financial year ends (cont. 13)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): 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 the Company could be not audited within 120 days from the date on which it's 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 (cont. 12)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): 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 to the BSEC on 25 July 2018. e) As disclosed in note 4.06 to the financial statements that, a legal proceeding (cont. 11)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): The Company 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 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, (cont.10)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): after the assessment year 2014-15. 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 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. (cont. 9)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): which are yet to be resolved. Due to this reason, the Company has not filed any return of income for any of the assessment years after the assessment year 2014-15; Note 3.13.b-Taxation: 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 any return of income for any of the assessment year (cont. 8)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): address # Zahura Tower, 1401 Sheikh Mujib Road, Agrabad C/A, Chattogram purchased at a price of Tk. 34,689,801 for which legal proceeding about ownership is under process in the Joint 2nd District Judge, Chattogram vide case no. 62/12. c) In note 3.13.b of the financial statements which describes, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of the Company's affairs (cont. 7)

PROGRESLIF 10-Feb-2020

(Continuation news of PROGRESLIF): charge depreciation of Tk. 12,609,393 on the opening balance and 2,472,298 on the current year of Building at Moulvibazar (1 to 10 Floor, 19950 sq. ft.) and Flats at Eastern Arzoo, 61, Bijoynagar, Dhaka (2nd, 4th, 8th floor (2732 sq.ft.) & 7th floor, (unit 7/1-8, 3777 sq.ft.) since those were not registered on that period. b) In Annexure A of note 14 of the financial statements, management has disclosed that, the flat in Chattogram, (cont. 6)

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