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Delta Life Ins recommends 2100pc stock dividend


The board of directors of Delta Life Insurance Company Ltd. has recommended 2100 per cent stock dividend (21 bonus shares against one ordinary share) for eight years–2005-2012, officials said.

The recommendation was made at the 182th board meeting of the company in the city Saturday (4 October 2013). Chairman of the company Monzurur Rahman presided over the meeting.

The company’s long-halted eight annual general meetings (AGMs)– 2005-2012– are set to be held on a single day, November 16, 2013. The record date is October 30, 2013.

The decision of holding the long pending eight AGMs in a single day was taken in line with the Supreme Court’s judgment, which was delivered on June 20 disposing of the relevant legal disputes.

Earlier, after the SC judgment, the company held its 2004 AGM, which was the first of its long-halted nine AGMs.

The nine AGMs of the company were pending since 2004 due to some legal constraints.

Explaining the reason of not holding the AGMs, Mr Monzurur Rahman earlier at a press conference said that an erstwhile sponsor director of the company filed a case seeking a stay order on holding the 2004 AGM.

But, the then board and management didn’t take adequate measures to dispose of the legal issue and to hold the AGMs. So, it remained pending for a long time, he continued.

With the initiative of the new board of the company, the legal matter was finally disposed in the apex court, he said.

Both parties of the legal dispute came to a compromise at the court, he added.

According to the DSE website, the closing price of each share of the company was Tk 5848.4 on October 3, 2013. The market lot is 50 shares.


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