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PROGRESLIF

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PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): Section 26(3) respectively of the Insurance Act, 2010, which disclosed in note 4.10 to the financial statements; Note 4.10 - Report to the Authority (IDRA): As 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 provide the financial statements and auditor's certified copy on details of (cont. 27)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): 2018 respectively. i) As legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL could not provide the financial statements and auditor's certified copy on details of deposited money and assets of the "Life Insurance Fund" within 6 months from the end of year 2017 to the authority in accordance with Section 32 and (cont. 26)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): in accordance with Section 30 of the insurance Act, 2010. Because, 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 resolve. On October 02, 2019 the Company has been appointed Dr. Mohammad Sohrab Uddin, Ph.D, AlA, Consulting Actuary, to Complete Actuarial valuation of the policy liabilities as at 31 December 2016, 2017 and (cont. 25)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): Dr. Mohammad Sohrab Uddin, Ph.D, AlA, Consulting Actuary, to Complete Actuarial valuation of the policy liabilities as at 31 December 2016, 2017 and 2018 respectively; Note 4.09 - Actuarial Valuation and Investigation: The Company does not make actuarial valuation and investigate its financial status of the life insurance business by an actuary according to the regulatory procedure and in a prescribed manner for the year 2016 and 2017 (cont. 24)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): and investigate its financial status of the life insurance business by an actuary according to the regulatory procedure and in a prescribed manner for the years 2016 and 2017 in accordance with Section 30 of the Insurance Act, 2010, because, legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. On October 02, 2019 PLICL has appointed (cont. 23)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): As 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 matter, the Company does not file Schedule-X: "annual list of members and summary" to the Registrar in each year since 2013 according to Section 36 of the Companies Act, 1994. h) As disclosed in note 4.09 to the financial statements, PLICL does not make actuarial valuation (cont. 22)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): respectively on 12 September 2019. g) As disclosed in note 4.08 to the financial statements that, a legal proceeding is running in the Honorable High Court division of Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. So that, PLICL has not filed Schedule-X: "annual list of members and summary" to the Registrar in each year since 2013 according to Section 36 of the Companies Act, 1994; Note 4.08 - Annual Return to RJSC: (cont. 21)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): 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 hold any general meeting as its annual general meeting since 2013 in accordance with Section 81 of the Companies Act, 1994. With the approval of the Court, the Company has held its 14th, 15th and 16th AGMs for the years 2013, 2014 and 2015 (cont. 20)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): Supreme Court of Bangladesh in the name of PLICL's affairs which are yet to be resolved. Due to this reason, PLICL could not hold any general meeting as its annual general meeting since 2013 in accordance with Section 81 of the Companies Act, 1994. With the approval of the Court, PLICL has held its 14th, 15th and 16th AGMs for the years 2013, 2014 and 2015 respectively on 12 September 2019; Note 4.07 - Annual General meeting (AGM): (cont. 19)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): of the Company could not be audited within 120 days from the date on which its 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 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 (cont. 18)

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