Sections 11, 28, 39, 63, 156 and 158 Submission of Capital Shares Paid by Fraudulent Transactions The Ministry of Commerce has fixed the minimum amount of capital required for the insurers registered under the Insurance Ordinance 2000 under notification. Had, in the circumstances raised by the fictitious Transaction Company, fundamentally violated the provisions of Sections 11 (1), 28, 39 of the Insurance Ordinance, 2000, the company also paid share capital upto 12-12 2011 Had misinterpreted this amount extensively. Sections 63 (1), 156 and 158 of the Insurance Ordinance 2000 may be prosecuted against the Company and / or its Directors and Chief Executive Directors and the Chief Executive of the Company, in addition to operating the Company's day; and In the management of the business of the business, there were certain "duties - responsibilities", the obligatory duties and some of the wider responsibilities imposed on them and the company's directors and the company's chief executive. Well aware of In this case, the duties of the company, as well as the legal responsibility of the company, as well as the default company counsel, recognized the default commission in exercising the powers under Sections 156 and 158 of the Insurance Ordinance 2000. The company and / or its directors were fined, offered a soft, condolences to the company because of the fact that the company had met the necessary requirements. And the property was transferred in the name of the company against the company's shares. And the title of the property was also transferred to the company name, with strong warnings that in the future, in the event of such non-compliance, strict action will be taken against the company.
Related judgments — Securities and Exchange Commission of Pakistan, 2014
