PAKISTAN MUTUAL INSURANCE COMPANY (GUARANTEE) LIMITED versus CHAIRMAN, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Failure to maintain Sections 6, 11, 29, 36 and 63 Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33 Securities and Exchange Commission of Pakistan (Insurance) Rules, 2002, Rr 9 and 13 Legal Deposit, Instructions to comply with the requirement Appeal Bench's Appeal Bench Appeal After the implementation of the Insurance Ordinance 2000, the Insurance Division of Security and Exchange Commission of Pakistan sent a notice in which the appellant was requested to appear at that time. Make a legal deposit of Rs. The appellant was later deposited when the insurance division issued a circular calling demanding the maintenance of a legal deposit of Rs.5 lakh from all the insurance companies; the appellant did not submit it, he said. The exception was directed to the requirements of section 11 (1) of the Insurance Ordinance 2000, which failed to prevent the appellant from entering the new insurance appellant's contracts appealing the affected instruction. Stated that the new contract of insurance under the provisions of section 63 (1) of the Insurance Ordinance 2000 Instructions can be issued to prevent entry into both. If the Company fails to comply with the terms of the Registration Registration Section Section 11 of the Insurance Ordinance without fulfilling the terms of the hearing, companies must provide the basic conditions for registration in the stipulated period Comply. Appellant's argument that (should have the opportunity to be scared before approving the adaptation directive, was not sustainable, in the circumstances the appellant had the right to comply with the law's requirements.
Related judgments — Securities and Exchange Commission of Pakistan, 2009
