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CRESCENT STAR INSURANCE LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN art — 2024 CLD 1272 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2024 CLD 1272 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2024
Reporter
CLD
Parties
CRESCENT STAR INSURANCE LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN art
Provisions referred to
S. 4---I; Insurance Ordinance (XXXIX of 2000); Companies Ordinance (XLVII of 1984)

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

CRESCENT STAR INSURANCE LIMITED VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN art. 10-a---Insurance Ordinance (XXXIX of 2000), Ss. 45, 46 & 158---Companies Ordinance (XLVII of 1984) [since repealed], S.4---Issuance of ordinary shares---approval of the Securities and Exchange Commission of Pakistan ('the Commission') with certain conditions)---Penalty for false statement in documents (books, records, accounting, reporting etc.)---Opportunity of fair trial given---Contention of the appellant (Insurance Company) that the impugned order violated art. 10-a of the Constitution was without any basis as it was evident from the record that Show-Cause Notice (SCN) was, inter alia, also issued to the directors of the appellant and the ingredients of a fair trial had been fulfilled in the SCN proceedings---appellate Bench rightly upheld the impugned order passed by the Commission---appeal, filed by (Insurance) Company , was dismissed.

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