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UNITED INSURANCE COMPANY OF PAKISTAN LIMITED vs The DIRECTOR/HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECP, ISLAMABAD Ss — 2025 CLD 288 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2025 CLD 288 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2025
Reporter
CLD
Parties
UNITED INSURANCE COMPANY OF PAKISTAN LIMITED vs The DIRECTOR/HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECP, ISLAMABAD Ss

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

UNITED INSURANCE COMPANY OF PAKISTAN LIMITED VS The DIRECTOR/HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECP, ISLAMABAD Ss. 156 & 167---Takaful Rules, 2012, Rr.10(1)(k), 12 & 20(1)---Provisions of Takaful (insurance), violation of---Penalty---Plea of leniency---Appellate Bench of Securities and Exchange Commission of Pakistan (Commission)---Appellant (Insurance Company, being authorized to undertake non-life insurance business and to carry on Window Takaful Operations /WTO), was penalized by the Commission---Argument of the appellant, relying on case titled Takaful Pakistan Limited reported as 2016 CLD 840, was that the Commission may take a lenient view and set aside the penalty imposed for contravention of the Takaful Rules, 2012---Validity---Appellate Bench had perused the case law relied upon by the appellant i.e. Takaful Pakistan Limited [2016 CLD 840), however, said case law was not binding on the Appellate Bench because it had been passed by a Commissioner in the course of the Commission's original jurisdiction---Appellate Bench was an appellate forum of the Commission, therefore, orders passed by a subordinate or lower authority were not binding for the Bench--- Appellate Bench found no reason to interfere in the merits of the impugned order----Appeal was dismissed.

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