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MESSRS ASIAN LEASING CORPORATION LTD. THROUGH CHIEF versus EXECUTIVE DIRECTOR (SPECIALIZED COMPANIES DIVISION) SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

Leasing Companies (Establishment and Regulation) Roll 2000 Rr 5 (b) & 20 Leasing Companies (up to 200 million rupees) of the Company's failure before the Appellate Bench of the Securities and Exchange Commission of Pakistan Act (XLII of 1997), Section 33 In accordance with the requirements of the Establishment and Regulation (R5 (b) of the Rules), the 2000 Executive Director of the Specialized Companies Division of the Commission fined the directors of such failure and canceled their license to act as a leasing company. done. The company had resorted to Delhi Dealing and m6de did not make any serious efforts to consolidate its required capital to the desired level. Earlier, the company's initial plan for an alliance with another company failed on 23 6 1999. There was no proposal to increase the company's compensation capital. Nor was there any serious proposal for merger since then, and the current merger with another company was also started on 14 12 2001. Insurance companies were notified initially for a two-year period to increase their paid-up capital ie increased from 31 1999 10 1999 to 30 6 2001 did not ignore the legal requirements for illegal period. And the company was unable to comply with the legal requirements and was unable to find and implement a successful means to meet the required limit of payment of installments, the Appellate Bench of the Commission approached this appeal with observation. Excludes when the company may apply for a license in compliance with R5 (b) of the Rules. , 2000 property advocate from Haveli Kahuta lawyer