ASIA CARE HEALTH AND LIFE INSURANCE COMPANY versus DIRECTOR (INSURANCE)
Sections 6 (10) and 157 (1) of the Securities and Exchange Commission of Pakistan Act (XLII of 1997), Section 33 provide false information in violation of the provisions of the law and against the applicant at the time of registration to deal with the insurance business. Submitting a penalty appeal, the parent company stated that it was incorporated and paid in New York.in, the same amount of capital said was $ 10 million, which was a parent company certificate of incorporation, However, it was revealed that the corporation was in the same Cayman and Condensed Balance Sheet. The Company stated that under Section 6 (10) of the Investor Ordinance 2000, the investment paid to the investors was US $ 5 million, providing false information regarding the location of the company being provided and paid. Response given by the appellant of the capital parent company authority, which was given in response to the issuance of the notice to him and not satisfied with the contradiction that preceded it, required a non-binding order and section 157 (1) of the Insurance Ordinance 2000. Under this, the applicant has been fined Rs. 50,000. The ordinance appellant filed an appeal before the appellate bench authority before the appellate bench authority despite this observation. Satisfied with the various issues raised at the hearing, still fined the applicant's explanation of the paid up capital and place of business, should have been sought at the time of joining. And the penalties should not have been authorized under section 157 (1) of the Insurance Ordinance 2000, but the Executive Director (insurance) was entrusted, however, in the present case, the use of those powers
Related judgments — Securities and Exchange Commission of Pakistan, 2010
