They said the present committee in 2005 by force took over the charge the company's management nullifying the previous committee unilaterally.

However, denying the allegation, Company Secretary of Delta Life Sultan Mollah said, "A vested group is trying to tarnish our reputation."

The general shareholders also said they are not getting dividends for the last three years, as there is an embargo from the High Court on holding annual general meetings (AGMs) of the company.

"But, the director who filed a writ petition against holding of AGMs is continuously attending the extra general meetings of the company and also taking the honourarium from the company," said Khadim Hossain Chowdhury speaking at a press conference on behalf of the shareholders at the National Press Club where around 30 general shareholders were present.

He said the chief insurance controller in a letter to the commerce ministry also recommended appointment of an administrator for the company. "But, the present management also filed writ petition against the recommendation," Chowdhury said.

However, the company secretary of Delta Life said as all the issues are now sub-judicial, the management has nothing to do with holding AGMs.