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PROGRESLIF

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PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): 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; 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 (cont. 17)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): to the BSEC on 25 July 2018. e) As disclosed in note 4.06 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. Due to this reason, Annual Financial Statements of PLICL could be not audited within 120 days from the date on which its financial year ends and a copy of such Audited Financial Statements (cont. 16)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): 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. The Company has submitted its all un-audited Quarterly Financial Statements up to the 1st Quarter of 2018 (cont. 15)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): Due to this reason, PLICL 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. PLICL 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 (cont. 14)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): any return of income for any of the assessment years after the assessment year (AY) 2014-15. But the Company is in process to file the Income Tax returns for the AY 2015-16, 2016-17, 2017-18, 2018-2019 and 2019-2020. 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 PLICL's affairs which are yet to be resolved. (cont. 13)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): filed any return of income for any of the assessment years after the assessment year (AY) 2013-14. But PLICL is in process to file the income tax returns for the AY 2015-16, 2016-17, 2017-18 and 2018-19; Note 3.13.1(b) - Current Tax: 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 (cont. 12)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): Note 19.01 - Fixed deposits with banks: Balance of Fixed deposits with People's Leasing and Financial Service as on 31-12-2018 was Taka 10,000,000 and as on 31-12-2017 was Taka 15,000,000. c) In note 3.13.1(b) of the ?nancial statements which describes, 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. Due to this reason, PLICL has not (cont. 11)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): People's Leasing and Financial Service as at December 31, 2018. It has come to PLICL's knowledge that, the Honorable High Court has directed Bangladesh Bank to appoint a liquidator to liquidate the People's Leasing and Financial Service. PLICL has communicated with the liquidator and confirmed that, there is a high possibility to recover the whole amount of BDT 10,000,000 from the People's Leasing and Financial Service; (cont. 10)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): in the Joint 2nd District Judge, Chattogram vide case no. 62/12; Annexure A of note 14: Balance of Written Down Value of the flat in Chattogram, address # Zahura Tower, 1401 Sheikh Muiib Road, Agrabad C/A, Chattogram as on 31-12-2018 was Taka 34,707,416 and as on 31-12-2017 was Taka 34,707,416. b) As disclosed in note 19.01 to the financial statements that, PLICL has an investment amount in BDT 10,000,000 in (cont. 9)

PROGRESLIF 23-Feb-2020

(Continuation news of PROGRESLIF): Emphasis of Matter: Without further modifying our opinion we draw attention to following notes to the financial statements: a) In Annexure A of note 14 of the financial statements, management has disclosed that, the flat in Chattogram, address # Zahura Tower, 1401 Sheikh Muiib Road, Agrabad C/A, Chattogram purchased at a price of Tk. 34,689,801 for which legal proceeding about ownership is under process (cont. 8)

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