UNITED BANK LIMITED INSURERS LTD. KARACHI versus EXECUTIVE DIRECTOR (INSURANCE)
Section 11 (1) (c), 36, 63 and 156 meet the minimum resolution requirement while examining the regulatory returns filed by the Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33 Applicant. Failure to do. / The Company transferred, for the relevant year, that the appellant could not meet its minimum solvency requirements in accordance with Section 36 of the Insurance Ordinance, 2000 the Appellant's Representative requested that the issuance of the rights share. By the time appellant was insolvent. The dissatisfaction with the clarification of the appellant's representative passed this unconstitutional order under which section 156 of the Insurance Ordinance 2000 imposed a fine of Rs 2 lakh on the appellant and the appellant against the incomplete order before the appellate bench. An appeal was filed. According to the appellant, the requirements were mainly attributed to the unexpected and unusual political situation ation The stock market crises also had a serious impact on investment activity in the account of the profit and loss of the appellant for the corresponding year. The compilation revealed that the pre-tax loss was Rs 129 million, which is considered as the incidence of this. Appellant, a political leader, linked the losses caused by the stock loss to the appellant, which was said to be Rs 45 million for the year under question, the appellant took precautions to increase the amount of money paid. The move was taken and a tax of Rs 524 million was made, which resulted in the resolution of the matter at the time of the show cause notice. The authority should have taken care that the appellant could meet the requirements of the solicitation.
Related judgments — Securities and Exchange Commission of Pakistan, 2010
