PLATINUM INSURANCE COMPANY LTD. versus EXECUTIVE DIRECTOR (INSURANCE)
Sections 39 and 156 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), transferring assets by the insurance company in violation of section 33 law, after the implementation of the penalty appeal during the inspection of the books of the insurance company's accounts, Was impressed that he had made the investment. In the acquisition of the assets, the company did not provide the inspection team with any of the assets' top documents, which led to doubts about the assets, whether they were in the name of the company show and issued notices as a director of the company. had gone. Not satisfied with the response of the company, the company was fined Rs 20 lakh and the company filed an appeal against the order of the Integrity Section 39, director of the Insurance Ordinance, 2000 clearly stated that the assets of the insurance company were in it. Will be kept Appellant's arguments under the direct control of a corporate name insurance company that since the assets are considered publicly owned by the company, the practice of transferring assets to corporate names was not required under section 39 of the F Insurance Ordinance, 2000. Excluded
Related judgments — Securities and Exchange Commission of Pakistan, 2010
