| Case ID |
057bad5c-f13d-45db-bfaf-e6b292a1b6fd |
| Body |
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| Case Number |
Appeal No. 42 of 2015 |
| Decision Date |
Jan 28, 2016 |
| Hearing Date |
|
| Decision |
The appeal filed by the Credit Insurance Company Limited against the order dated 08/10/15 was dismissed. The Commission found that the appellant had failed to submit its Audited Annual Accounts and Regulatory Returns within the stipulated time frame. Despite being granted an extension, the appellant did not comply, leading to the issuance of a Show Cause Notice. The appellant's claims about the reasons for delay, including management changes and previous compliance history, were rejected. The fine of Rs. 100,000 imposed by the respondent was upheld, as the appellant's non-compliance was deemed willful, and the history of similar violations contributed to the decision. |
| Summary |
The case revolves around the appeal by Credit Insurance Company Limited against a fine imposed for failure to submit required financial documents. The Securities and Exchange Commission of Pakistan found that the appellant had not complied with legal requirements under the Insurance Ordinance 2000, specifically sections related to the timely submission of audited financial statements. The Commission held that the reasons for delay presented by the appellant were not valid and upheld the penalty. This case highlights the importance of compliance with regulatory obligations and the consequences of repeated non-compliance, making it essential for companies to maintain accurate financial reporting practices. Keywords: financial compliance, regulatory obligations, insurance ordinance, penalties, corporate governance. |
| Court |
Securities and Exchange Commission of Pakistan
|
| Entities Involved |
Securities and Exchange Commission of Pakistan,
Credit Insurance Company Limited
|
| Judges |
ZAFAR ABDULLAH,
TAHIR MAHMOOD
|
| Lawyers |
Not available
|
| Petitioners |
CREDIT INSURANCE COMPANY LIMITED
|
| Respondents |
THE DIRECTOR (INSURANCE DIVISION) Securities And Exchange Commission Of Pakistan
|
| Citations |
2017 SLD 1446 = 2017 CLD 517
|
| Other Citations |
1987 MLD 3039,
2016 PTD 1675,
PLD 1997 SC 32
|
| Laws Involved |
Insurance Ordinance 2000
|
| Sections |
46(1)(b),
51(1),
156
|