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CRESCENT STAR INSURANCE LIMITED vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss — 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 Ss
Provisions referred to
S. 4---I; 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LIMITED VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss. 45, 46 & 158---Companies Ordinance (XLVII of 1984) [since repealed], S. 4---Issuance of ordinary shares---Approval of the Securities and Exchange Commission of Pakistan ('the Commission') with certain conditions)---Penalty for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.)---Appellant (Insurance Company) was warned through the impugned order by the Commission---Contention of the Appellant that the approval granted by the Commission did not prohibit receiving of funds in tranches---Validity---Said contention had no relevance to the matter at hand as one of the underlying conditions for grant of approval by the Commission was that the issuance of shares shall be in cash---Appellant failed to comply with the said condition and had not offered any cogent reasoning that the mentioned condition was duly met in letter and spirit by the Appellant and was thus, inter alia, warned vide the impugned order---Appellate Bench rightly upheld the impugned order passed by the Commission---Appeal, filed by (Insurance) Company, was dismissed.

Other judgments reported in 2024 CLD

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