UNITED INSURANCE COMPANY LIMITED vs The DIRECTOR/HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD S — 2025 CLD 903 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation: 2025 CLD 903 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year: 2025
Reporter: CLD
Parties: UNITED INSURANCE COMPANY LIMITED vs The DIRECTOR/HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD S
Provisions referred to: S. 24-; Insurance Ordinance (XXXIX of 2000)

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 LIMITED VS The DIRECTOR/HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD S. 24-a---Insurance Ordinance (XXXIX of 2000), Ss. 32(2)(g) & 32(7)---admissible assets---"related parties", matter of---Passing of non-speaking order, allegation of---appellant (Insurance Company) was penalized by the Securities and Exchange Commission of Pakistan (Respondent /Commission) for misreporting of financial facts---argument of the appellant was that the impugned order was a non-speaking order---Validity---Impugned Order was well-reasoned as perusal of relevant paragraph of the same (impugned order) revealed that the Respondent had explained that concerned (banking) Company and the appellant were related parties due to relevant direct and indirect shareholdings, therefore, it could not be assumed that the case was based on premise of direct shareholding alone, therefore, the appellant's assertion of a "non-speaking order" was without any substance---Misreporting of financial facts was a serious violation and the misreporting of admissible assets by the appellant for calculation of solvency had fairly been established by the Respondent which included "related party" receivables while calculating solvency---appeal, filed by Insurance Company , was dismissed.

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