ASIAN MUTUAL INSURANCE COMPANY (GUARANTEE) LIMITED versus
Sections 46 and 156 of the Securities and Exchange Commission (Insurance) Rules, 2002, R16, Annex II, Reglin 16 (1) (b) violate the requirements of the Regulation on the recording and reporting of investment properties to ensure company compliance. I was unsuccessful. The provisions of Regln 16 (1) (b) do not specify the properties and costs of their investment under the IAS 40, as required by the Regulation Company prior to the Commission's earlier reservation. Accidentally and irrelevantly, under the letter of the Commission, the Company was told that the Company's balance sheet was valued at $ 8,395,000 as a result of the Company's treatment of its investment properties. There was an increase of Rs, which was the established default of Reglin. 16 (1) (b) of the Regulation Directors of the Company, in addition to the operation and management of the Company, there were also some sincere ies, namely, duties held by the Company, and some imposed by law. Extensive duties. And has said that violating legal duties, usually a criminal offense punishable by imprisonment, was compensated by directors against high standards of respondents, which required them to be vigilant. , And in the present obligation, the Company of Directors had failed to perform its duties with reasonable care and discretion, it should be noted that Regln 16 (1) (b) of the Regulation Be well aware of legal obligations, so this can be legitimate. Deferred that the default was deliberate and the Commission deliberately exercised powers under section 156 of the Insurance Ordinance 2000
Related judgments — Securities and Exchange Commission of Pakistan, 2014
