The Appellate Division of the Supreme Court on Sunday stayed a High Court judgment for appointing administrator in Delta Life Insurance Company Limited till February 6.
Declaring the appointment of administrator for the capital market listed company as illegal, the Appellate Division bench led by Justice Md Nuruzzaman and five other justices passed the order.
Barrister Mostafizur Rahman Khan stood in favor of the petitioner in the virtual hearing.
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The Insurance Development and Regulatory Authority (IDRA) appointed administrators for four-months on February 11 last year, dismissing Delta Life Insurance's board of directors on charges of various irregularities including additional expenses.
Besides, the IDRA also suspended the board of directors of the insurance company as an allegation was also raised against IDRA's Chairman M Mosharraf Hossain that he demanded Tk5,000,000 as bribe.
The dismissed board of directors of the Delta Life Insurance Company filed a writ petition with the High Court by challenging the appointment of the administrator.
Later, the High Court gave a verdict after hearing of the writ.
