Regulation 16 (1) (a) of the Insurance Ordinance (2000x3000 of 2000), Sections 46 and 156 of the record and reporting available for sale investment, in the shares of another company without compliance with the terms of the Regulation Company Had invested, did not record this error. , Its financial statement stated that the Securities and Exchange Commission (Insurance) Rules 2002, and Section 46 (1) (b) of the Insurance Ordinance 2000 Company did not comply with Exception 16 (1) (A). Describe for your company that there was a breach of cost or sale of investment at a price lower than market value under the provisions of Rule 16 (1) (a) of the Securities and Exchange Commission Rules 2002 Because the company made the statement available. To invest sales in other company's shares at a price, and the book value of those investments did not make a difference. Since the market value of these shares had fallen well below the price or book value, directors of the company should have been well acquainted, for a long time the directors of the company had failed to perform their duties responsibly and tactfully. ? Regarding the legal requirements of Regln 16 (1) (a) of the Regulation, it may be legally presumed that the penalty provided under section 156 of the Insurance Ordinance 2000, committed the default had gone. The company and / or its directors should be imposed on the Commission, with a sincere condolences to the company, and issued a stern warning that in the future such non-compliance will result in stringent action against the company.
Related judgments — Securities and Exchange Commission of Pakistan, 2014
