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Citation Name: 2026 CLD 745 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANBookmark this Case SALAAM TAKAFUL LIMITED vs DIRECTOR/HOD, ADJUDICATION DEPARTMENT-I, SECP, ISLAMABAD Ss — 7

Case information

Citation
7
Parties
Citation Name: 2026 CLD 745 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANBookmark this Case SALAAM TAKAFUL LIMITED vs DIRECTOR/HOD, ADJUDICATION DEPARTMENT-I, SECP, ISLAMABAD Ss
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

Citation Name: 2026 CLD 745 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANBookmark this Case 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.

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