DHAKA, Feb. 5 -- Bangladesh Bank (BB) has dissolved the existing board of directors of Uttara Finance and Investments Limited and formed a new board to rescue the struggling non-bank financial institution (NBFI) from deep-rooted loan irregularities.

The listed company shared this information through the Dhaka Stock Exchange (DSE) on Thursday (February 5).

Under the Financial Company Act, 2023, the central bank has appointed five new directors to the board. Md. Mukhtar Hossain has been named the new Chairman and will serve as an independent director.

Other newly appointed independent directors include Mohammad Shafiul Azam, Md. Niamul Kabir, Md. Rafiqul Islam (FCS). Additionally, Md. Mahbub Alam has joined the board as a director.

Acco...