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The UNITED INSURANCE COMPANY OF PAKISTAN LIMITED vs The HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD Ss — 2025 CLD 872 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2025 CLD 872 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2025
Reporter
CLD
Parties
The UNITED INSURANCE COMPANY OF PAKISTAN LIMITED vs The HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD Ss
Provisions referred to
S. 166; Insurance Ordinance

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

The UNITED INSURANCE COMPANY OF PAKISTAN LIMITED VS The HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD Ss. 156 & 166---Insurance of public property, matter of---Violations---Penalty, imposition of---Securities and Exchange Commission of Pakistan ('Commission') penalized Appellant (Insurance Company ) on a complaint lodged by National Insurance Company Limited (NICL/Complainant ) for underwriting insurance policies of vehicles of a public sector entity (PASSCO)---Validity---Appellant could not absolve itself on the grounds that tender to procure insurance policies was issued by the public sector entity (PASSCO), which had complete knowledge of the transaction, and that the Appellant was not liable under the law---Two wrongs did not so make one right, therefore, if PASSCO, while inviting insurance policies for its vehicles, had not proceeded as per the requirements of S. 166 of the Insurance Ordinance, 2000, then this illegality did not make it permissible for the Appellant to either participate or secure such a tender---PASSCO also failed to obtain an NOC from NICL while initiating the procurement process under the PPRA Rules---Law had been violated by both parties i.e. the Appellant as well as PASSCO, therefore, legal proceedings should have been initiated against both parties---Matter-at-hand was against the Appellant, however, the record was silent on whether any proceedings against PASSCO were ever instituted or not---In the event that no proceedings were ever initiated against PASSCO, Appellate Bench, SECP directed the relevant department of the Commission to proceed against PASSCO as per law for evading the requirements of S. 166 of the Insurance Ordinance, 2000---Appeal , filed by Insurance Company, being merit-less was dismissed, in circumstances.

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