Securities and Exchange Commission of Pakistan — Judgments of 2013
54 reported judgments of the Securities and Exchange Commission of Pakistan from 2013.
- GHULAM MUHAMMAD MALKANI v. DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2013 CLD 28
Section 195, 196 (3) (b) and 473 Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33 amounts to granting the powers of the directors of the company or extending the time to pa…
- OLYMPIA SPINNING AND WEAVING MILLS LIMITED v. EXECUTIVE DIRECTOR (ENFORCEMENT) 2013 CLD 58
The violation of section 492 of the Ordinance of Companies, 1984 was not a criminal offense, but a violation of Section 492 would lead to the imposition of penalties by the Commission, to impose a pen…
- AZMAT ALI SHEIKH, DIRECTOR/ CHIEF EXECUTIVE OFFICER v. EXECUTIVE DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2013 CLD 82
Sections 245 and 476 Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33 Securities and Exchange Commission (Appellate Bench Procedure) Rules, 2003, R17 (5), to which the Comp…
- GHULAM AHMED ADAM v. EXECUTIVE DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2013 CLD 103
Section 492 Misrepresentation requires the Executive Director of the Commission (Enforcement) to provide a description to the Company in relation to the sale of related accounts in the relevant year, …
- MUHAMMAD AAMIR 2013 CLD 158
In reviewing Moderba and Bank's trade data during the Section 15E insider trading review, it has been noted that the defendants' own trading, modarba and bank trade in certain scripts through their va…
- PEARL CAPITAL MANAGEMENT (PVT.) LIMITED 2013 CLD 211
Section 22 Brokers and Agents Registration Rules, 2001, 8, 12 and Third Schedule Wash Trades Examination of Karachi Stock Exchange's Karachi Automated Trading System Trading Data, reveals that the com…
- RAZA KULI KHAN KHATTAK, CHAIRMAN v. EXECUTIVE DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2013 CLD 220
Sections 208 and 476 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33 extending the indebtedness period to relevant companies for investment and outstanding payment …
- CAPITAL INSURANCE COMPANYLIMITED 2013 CLD 261
Failure to comply with the provisions of Sections 11, 28 and 156 \ Minimum Paid Shares Capital - ??? Capital Requirements \ Violation of the provisions of Sections 28 and 11 (1) (a) of the Insurance O…
- KHAWAR ALMAS KHAWAJA v. EXECUTIVE DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2013 CLD 273
The Ordinance of Section 33 Companies (XLVII of 1984), Section 204A (2) and 498 Companies, the Commission failed to appoint an Independent Share Registrar under Section 204A (2) of the Ordinance 1984,…
- Mian SHAHZAD ASLAM v. COMMISSIONER (CLD), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2013 CLD 287
Statement of wrong half yearly accounts by the Company for the relevant period filed in the Commission under the provisions of section 33 Companies Ordinance (XLVII of 1984), Sections 245 and 492 of t…
- HAMID TEXTILE MILLS LIMITED v. EXECUTIVE DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2013 CLD 327
Failure to submit the quarterly account to the company within a period of time, in accordance with the provisions of section 33 companies ordinance (XLVII of 1984), section 245 and section 245 of the …
- YOUNUS DAWOOD, CHIEF EXECUTIVE v. DIRECTOR (ENFORCEMENT)/ADDITIONAL REGISTRAR OF COMPANIES, SECURITIES AND EXCHANGE COMMISSION OF PAKI 2013 CLD 357
Failure of the 33 Companies Ordinance (of 1984 of of XLVII), Sections 214, 216 and 476 of the Companies Directors to indicate the nature of their concern and interest in the contract or management of …
- FIRST NATIONAL EQUITIES LIMITED, MEMBER KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED 2013 CLD 566
Sections 6, 18 and 22 of the Stock Exchange Members (Inspection of Books and Records) Rules, 2001, Rr 3, 4 and 7 Securities and Exchange Rules, 1971, Rr 3, 5, 7, 8, and the third schedule of the reduc…
- EAST WEST LIFE ASSURANCE COMPANY LIMITED 2013 CLD 650
Sections 11 (1) (f), 12, 59A and 156 were conducted on-site inspection for the good and careful management of the insurance company and the inspection team revealed several internal control weaknesses…
- EFU GENERAL INSURANCE LIMITED 2013 CLD 706
Sections 11 (1) (f), 12, 59A and 156 by the on-site inspection revealed that the company has no investment policy, and that it did not meet the criteria of accurate and careful management. Nor is ther…
- INDUS DYING AND MANUFACTURING COMPANY LIMITED 2013 CLD 729
Failure to file a return of beneficial ownership within the fixed term of Sections 222 and 224 (4), the Company being the beneficial owner of more than ten percent of its common shares, beneficial wit…
- EFU GENERAL INSURANCE LIMITED 2013 CLD 740
Section 45, 59A & 156 Failure to maintain proper books and records During on-site inspection, the inspection team was not granted access to various claims files related to motor claims, saying the cla…
- HABIB BANK LIMITED 2013 CLD 812
Failure to comply with the requirements of Section 22 (c) of the Karachi Stock Exchange Listing Regulations, Regulation 16 of the Karachi Stock Exchange Regulation Regulation 16 requires that a listed…
- EFU GENERAL INSURANCE LIMITED 2013 CLD 831
Deposits received as security against section 32 (2) (k) and 156 guarantees against securities received as security against the guarantees of insurance company as acceptable assets against section 32 …
- KHZ ASSOCIATES (PRIVATE) LIMITED 2013 CLD 846
Sections 111 (3) and 112 (3) (6) of the Insurance Rules, 2002, R19 (3) fail to comply with the license terms of the licensed surveyor Some misleading text in the survey reports submitted by the survey…
- FALKI CAPITAL (PVT.) LIMITED, BROKER ISLAMABAD STOCK EXCHANGE LIMITED 2013 CLD 875
Section 22 Brokers and Agents Registration Rules 2001, in linking its position in the stock exchange trading data for the relevant period in the sale of the brokerage company's client and subsequently…
- SHAHEEN INSURANCE COMPANY LIMITED 2013 CLD 890
Section 11, 28 and 156 Companies (General Provisions and Forms) Rules, 1985, R30 Section RO 291 (I) 2007 Dated March 26, 2007 Failure of the insurance company to comply with the provisions of the Insu…
- LIVE SECURITIES LIMITED, TREC HOLDER OF KARACHI STOCK EXCHANGE LIMITED 2013 CLD 907
Section 6 and 22 Stock Exchange Members (Inspection of Boxes and Records) Rules, 2001, R5 Brokers and Agents Registration Rules, 2001, Failure to cooperate with R8 Brokerage Company Informers, Informa…
- IBL HEALTH CARE LIMITED 2013 CLD 934
Section 22 Brokers and Agents Registration Rules, 2001, R 8 Company Stock Dividend Withdrawal As a result of share price fluctuations, the Company's share price and volume were disclosed, volatility; …
- FIRST NATIONAL EQUITIES LIMITED, BROKER KARACHI STOCK EXCHANGE LIMITED 2013 CLD 964
Section 22 Brokers and Agents Registration Rules 2001, Brokerage Company's script violates the Stock Exchange Code of Conduct Trading data for affiliates related to the formation of artificial volumes…
- INVEST CAPITAL MARKETS LIMITED, BROKER KARACHI STOCK EXCHANGE LIMITED 2013 CLD 989
Section 22 Brokers and Agents Registration Rules, 2001, 8, 12, and Third Schedule Brokerage Company's sales engagements in selling and subsequently increasing their positions in various scripts noted …
- ABRAR HASAN DIRECTOR OF NATIONAL FOODS LIMITED 2013 CLD 1071
Failure to file Sections 222 (2) (C) and 224 (4), return of a change to a beneficial ownership company, which was a publicly listed company, within the period set out under section 222, a change in be…
- ARIF HABIB CORPORATION LIMITED (FORMERLY, ARIF HABIB SECURITIES LIMITED) v. DIRECTOR (SMD) 2013 CLD 1097
Section 57 and 62 Securities and Exchange Ordinance (XVII of 1969), Section 18A & 22 Securities and Exchange Commission of Pakistan Act (XLII of 1997), Section 33 Constitution of Pakistan, Arts 23 and…
- Commissioner (SMD) MAHBOOB ELAHI, CHIEF EXECUTIVE v. COMMISSIONER (CLD), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2013 CLD 1122
Ordinance (CIII of 2002), section 5, listed companies (substantial acquisition of voting shares and take-overs), increased shareholding of company directors of Sections 5, 6, 25 and 26. In the event t…
- PAKISTAN PETROLEUM PROVIDENT FUND TRUST COMPANY (PVT.) LIMITED AND ITS DIRECTORS NAMELY; ASIM MURTAZ 2013 CLD 1150
Section 15A&15E Internal Trading Provident Fund Trust Company, a private limited company that manages the funds of employees of the Petroleum Limited Board of Trustees of Pet Fund of Pakistan, hence t…
- NASEEM SAIGOL, CHIEF EXECUTIVE v. EXECUTIVE DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2013 CLD 1179
Sections 208, 473 and 476 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), the unauthorized investment in section 33 related companies and the under-tech company provided the d…
- ILYAS SAEED & COMPANY, CHARTERED ACCOUNTANTS 2013 CLD 1216
Irregularities in the calculation of books and records of Sections 6, 18 and 22 of the Stock Exchange (Inspection of Books and Records) Rules, 2001, Rr 3 and 4 Net Capital Balance (NCB), which was a m…
- EQUITY MASTER (PVT.) LIMITED, MEMBER LAHORE STOCK EXCHANGE LIMITED 2013 CLD 1257
Section 22 engaged in the short sale and trading of brokers and client clients of the Company Brokers and Agents Registration Rules, 2000, RR 8 and 12, Third Schedule, Clauses A (2) and A (5). By trad…
- HUM SECURITIES LIMITED, MEMBER PAKISTAN MERCANTILE EXCHANGE LIMITED 2013 CLD 1275
R 15 Section RO 1076 (I) / 2010 Filed 29 11 2010 Failure to resolve a large number of complaints of the company, suspending the registration of the company stock exchange, which was formerly a member …
- INAYAT ULLAH NIAZI, DIRECTOR, D.G. KHAN CEMENT COMPANY LIMITED v. EXECUTIVE DIRECTOR, ENFORCEMENT 2013 CLD 1300
Section 208 Securities and Exchange Commission of Pakistan Act (XLII of 1997), Section 33 raised concerns about investing in related company and operating without special resolution company authority …
- ATHAR AND CO., CHARTERED ACCOUNTANTS v. DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2013 CLD 1319
Generating and submitting false and illegal audit reports through the Section 260 Securities and Exchange Commission of Pakistan Act (XLII of 1997), Section 33 Audit Auditor. Was that the auditor fail…
- M.R.A. SECURITIES (PRIVATE) LIMITED, BROKER KARACHI STOCK EXCHANGE LIMITED 2013 CLD 1353
Provide the required record inspection team of the Commission after inspection of Section 6 and 22 Stock Exchange Members (Inspection of Boxes and Records) Rules, 2001, RR 3 and 4 Brokers and Agents R…
- FAWAD AHMAD MUKHTAR, CHIEF EXECUTIVE v. DIRECTOR (ENFORCEMENT) SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2013 CLD 1385
Sections 208 and 473 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), section 33 related companies' annual audit of unauthorized companies for the respective year of investment…
- NAZIR COTTON MILLS LIMITED v. SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2013 CLD 1421
Section Companies Ordinance of 33 Companies (1984 1984 of of XLVII), Sections 656565, 7477, 4 into4 and 5 485 (1), Appointment of Chartered Accountant to act as Inspector for Investigation of Company …
- SUCCESS INDUSTRIES (PVT.) LTD. v. The REGISTRAR (SECP) 2013 CLD 1432
Sections 21, 96 and 97 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), section 33 listed the Form A and Form 26 in the memorandum reduction of the share capital appellant comp…
- SHABBIR GHANI, CHIEF EXECUTIVE OFFICER v. COMMISSIONER (CLD), SECP, ISLAMABAD 2013 CLD 1466
Failure to hold the Annual General Meeting Company, under the provisions of Sections 158 (1), 170, 171, 476 and 477 Companies Ordinance, 1984, makes its annual general meeting mandatory for the releva…
- HABIB ULLAH, CHIEF EXECUTIVE v. EXECUTIVE DIRECTOR (ENFORCEMENT) 2013 CLD 1478
The Ordinance of Section 33 Companies (XLVII of 1984), the Company's annual audited accounts for Sections 476 and 492 the relevant year, revealed that $ 51 million had been offered for the purchase of…
- CYAN LIMITED THROUGH CHIEF EXECUTIVE OFFICER 2013 CLD 1637
Section 15A&15E Insider Trading Person The Company's Chief Executive Officer is also a member of the Board of Directors of the corporation, the plaintiff having the authority to operate the trading ac…
- THE CRESCENT STAR INSURANCE COMPANY LIMITED v. SULTANABAD MODEL GINNING, PRESSING FACTORY AND OIL MILLS 2013 CLD 1677
Sections 129 and 130 (2) of the Securities and Exchange Commission (Insurance) Rules, 2002, R35 fire insurance cover note, cancellation of respondent (insurance mill) with insurance company entered in…
- TAKAFUL PAKISTAN LIMITED 2013 CLD 1691
Sections 11 (1) (F), 12 (1) (B), 63 (1) and 156 Insurance Companies (Sound and Production Management) Regulations, 2012, Regulation 2 (2) to obtain Commission approval before the Chief Appointment Fai…
- PAK KUWAIT TAKAFUL COMPANY LIMITED 2013 CLD 1710
Sections 227 and 229 were obliged to submit to the Provident Fund Account a late deposit of the Provident Fund Account Company under the provisions of section 227 of the Companies Ordinance, 1984, for…
- PAK QATAR FAMILY TAKAFUL LIMITED 2013 CLD 1725
Sections 76 (1) and 95 As a corporate agent of the misleading or defective advertising bank, the insurance company seeks to market the company's three products, such as wedding plans, retirement plans…
- EAST WEST LIFE ASSURANCE COMPANY LIMITED v. Mst. TEHMINA BASHIR 2013 CLD 1742
Sections (76 ()) and ? 130 ((?)) of the insurance company Complainant alleges fraud and misconduct by some of the insurance company's officers and agents in the name of issuing insurance. , 000,, 000 …
- MUHAMMAD IMRAN v. CHIEF EXECUTIVE OFFICER 2013 CLD 1770
Sections 129 and 130 (1) (2) were required by the Ombudsman to refuse payment on a claim filed under the Insurance Policy Complaint Appeal, which was involved in the case, even if the insurer's vision…
- AXIS GLOBAL LIMITED, BROKER KARACHI STOCK EXCHANGE LIMITED 2013 CLD 2173
Sections 6, 16 and 22 of the Central Depositories Act (XIX of 1997), Sections 16, 24 and 28 of the Stock Exchange Members (Inspection of Books and Records) Rules, 2001, RR 3 and 4 of Company Securitie…
- SHAHEEN INSURANCE COMPANY LIMITED 2013 CLD 2207
Sections 11 (1) (c), 36, 63 (1) and 156 Securities and Exchange Commission (Insurance) Rules, 2002, R13 Company's salvoscience position revealed that under this amount amounted to Rs 49,328,754. The w…
- BMA CAPITAL MANAGEMENT LIMITED, TREC HOLDER/BROKER OF KARACHI STOCK EXCHANGE LIMITED 2013 CLD 2232
Section 22 Brokers and Agents Registration Rules 2001, Rr 8, 12, Third Schedule, Dealing with Customers Broker Code of Conduct Duty Interest Contract Violation of Code of Conduct in Commercial Transac…
- AZEE SECURITIES (PRIVATE) LIMITED, TREC HOLDER KARACHI STOCK EXCHANGE LIMITED 2013 CLD 2254
Sections 6 (1), 16, 18 and 22 Members of the Stock Exchange (Inspection of Books and Records) Rules, 2001, RR 3, 4 and 7 Securities and Exchange Rules, 1971, R2 (D) and the Third Schedule Existing Reg…
- CREDIT INSURANCE COMPANY LIMITED 2013 CLD 2274
Failure to file Annual Audit Accounts and Regulatory Returns within Sections 46 (1), 51 (1) and 156 times the Company shall file its Annual Audit Account and Regulatory Returns on or before the due da…
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