Section 11, 28 and 156 Companies (General Provisions and Forms) Rules, 1985, R30 Section RO 291 (I) 2007 Dated March 26, 2007 Failure of the insurance company to comply with the provisions of the Insurance Ordinance 2000, minimum payment According to the share capital of the Ministry of Commerce, notification number section R291 (I) 2007, the minimum amount of capital paid for the insurance companies was reported on March 26, 2007, the minimum amount of paid up capital was Rs 300 million. However, in the statement for the three uneducated financial circles, it was revealed that the company's paid up capital was Rs 250,000,000, under the circumstances, the insurance ordinance Were in accordance with the requirements of Sections 28 and 11 (1) (a) of 2000, the 2000 Legal Council submitted a response to the show. The cause notice from the company and the company's chief executive and directors acknowledged that the company failed to meet the minimum paid-up capital requirement, the company said, adding that the process of raising paid-up equity capital was completed. Was, at this point, subject to the provisions of Section 28 of the Insurance Ordinance 2000, as the Company paid the required share capital of Rs 300,000,000 and the Chief Executive Company, in addition to operating the Company daily. And the management of his business also had certain duties, namely the duties and responsibilities of the trustee, and to be fully aware of the legal responsibilities of the company's directors and the company's chief executives. Should. And in this case, the legal obligation of the company as well as the results of the default company as well as the minimum paid-up share capital were in accordance with the legal requirements of the capital
Related judgments — Securities and Exchange Commission of Pakistan, 2013
