IDRA asks Sonali Life why board should not be suspended

Business Desk :
The insurance regulator has asked Sonali Life Insurance to explain why the board of directors of the company should not be suspended after failing to provide necessary information to an audit firm appointed by the regulator.
The Insurance Development and Regulatory Authority (IDRA) sought this explanation in letters sent to the company’s chairman and a director on January 24.
A written explanation has to be given to IDRA by January 29. Otherwise, legal action will be taken, according to the letter.
It said the appointed audit firm, Hoda Vasi Chowdhury & Co, sent a letter to IDRA on January 23 saying that Sonali Life Insurance was withholding necessary information.
The audit firm is not being allowed to access the computer-based accounting system, nor has it received any original documents of the company, the letter said.
Withholding documents and information appears to be an attempt to obstruct the investigation, according to the letter.