SALAAM TAKAFUL LIMITED vs DIRECTOR/HOD, ADJUDICATION DEPARTMENT-I, SECP, ISLAMABAD — 2026 CLD 745 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation: 2026 CLD 745 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year: 2026
Reporter: CLD
Parties: SALAAM TAKAFUL LIMITED vs DIRECTOR/HOD, ADJUDICATION DEPARTMENT-I, SECP, ISLAMABAD
Provisions referred to: S. 11; S. 29; 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

SALAAM TAKAFUL LIMITED VS DIRECTOR/HOD, ADJUDICATION DEPARTMENT-I, SECP, ISLAMABAD. Ss. 11(1)(b) & 29(2)(a)---Insurance company---Minimum statutory deposit---Failure to maintain statutory deposit corresponding to paid-up capital---Post-violation compliance not absolving contravention---Appellant, a company registered to undertake general takaful business, was penalized for contravention of Ss. 11(1)(b) and 29(2)(a) of the Insurance Ordinance, 2000---Validity---Appellant was in clear violation of S. 11(1)(b) read with S. 29(2)(a) of the Insurance Ordinance, 2000, by failing to maintain the required statutory deposit corresponding to its actual paid-up capital---Statutory deposit is explicitly required to be ten percent of insurer's paid-up capital, and there is no provision under the Insurance Ordinance, 2000 or the Insurance Rules, 2017 permitting such capital to be calculated net of discount for the purpose of determining statutory deposit---Though the appellant subsequently rectified the shortfall in statutory deposit, such post-violation compliance did not absolve the appellant of the contravention that had continued for an extended period of time---Assertion of bonafide mistake, though noted, could not override a clear legal requirement, particularly where the statutory language leaves no room for alternative interpretation---Appellate Bench found no reason to interfere with the merits of the impugned order, which was maintained---Appeal filed by insurance company was dismissed.

Other judgments reported in 2026 CLD

2026 CLD 704 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANFLOAT SECURITIES PRIVATE LIMITED VS COMMISSIONER (SMD). Reglns. 4(d), 16(9)(e) & 18( c ) (ii)---Maintaining independent audit function, fail…
2026 CLD 677 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANNEXT CAPITAL LIMITED VS EXECUTIVE DIRECTOR, ADJUDICATION DEPARTMENT-I, SECP. Reglns. 6(3)(a), 6(3)(c), 6(4), 6(8), 4(a) & 13(7)---Requiremen…
2026 CLD 638 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANFIRST NATIONAL EQUITIES LIMITED VS DIRECTOR/HOD, ADJUDICATION-I. Reglns. 11, 13, 31 & annex. 1---anti-Money Laundering act (VII of 2010), Ss…
2026 CLD 528 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANCEDAR CAPITAL (PRIVATE) LIMITED (CCPL) VS COMMISSIONER, SMD, SECP. Ss. 15a & 15B---Right issue---Scope---Underwriting---Scope---Trading / pu…
2026 CLD 505 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANKASHF FOUNDATION VS EXECUTIVE DIRECTOR ADJUDICATION. Reglns. 6(5)(a), 6(3)(a), 6(4), 6(8) & 13(7)---Anti-Money laundering regulatory require…
2026 CLD 64 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANFIRST NATIONAL EQUITIES LIMITED VS EXECUTIVE DIRECTOR, ADJUDICATION-I. Reglns. 4(a), 13(3), 13(7), 18(a), 18(c)(v), 9(4)(a)(b), 9(4)(8)(c),…

Back to the case-law library · Search Pakistani case law in Urdu or English