TPL DIRECT INSURANCE LTD. versus EXECUTIVE DIRECTOR (INSURANCE)
Sections 29, 36, 63, 156 and 157 of the Securities and Exchange Commission of Pakistan Act (XLII of 1997), failure to maintain section 33 legal deposit, a penalty appeal for the appellate bench of the Commission Appellant / Insurance Company, which submitted and Submission was required. With the State Bank, a legal deposit of Rs 31 million under section 29 (2) (a) of the Insurance Ordinance 2000 failed to retain the same counsel for the appellant which stated that the appellant was of the level of solvency. Was presented to meet the need. The applicant is entitled to waive the aforesaid deposit under Section 36 of the Insurance Ordinance 2000 and Section 29 of the Insurance Ordinance, failing to meet the legal requirement in the terms of section 156 2000. was done. The Appellant for 2000 of the Insurance Ordinance was also requested to make a short deduction of Rs 26 million within a specified period. The appellate bench may have taken a softer view on the unorganized order. If the appellant had submitted the legal before the date of the present appeal hearing, but the appellant had failed to do so, then the law should be fulfilled, if the appellant was to continue the insurance business, the appellant's representative. He emphasized that another $ 3 million was deposited to cover the legal deposit deficit. The remaining Rs 7 lakh will be deposited up to the specified date and time will be asked for a written promise for this purpose. Appellant submitted written promises to meet the legal deposit requirement. In view of the above promise, time has been extended to present the legislation
Related judgments — Securities and Exchange Commission of Pakistan, 2010
