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Insurance Ordinance (XXXIX of 2000)- --------Ss. 11(1)(a), 28 & 156-------Failure to comply with requirements of minimum paid up share capital-------Paid up capital of the appellant company was Rs,262,705,750 which was below the requirement of minimum capital as contained in Ss.11(1)(a) & 28 of the Insurance Ordinance, 2000-------Commission, vide its letter advised the appellant to provide its future plan as to how compliance would be made-------Appellant requested the Commission to grant an extension of one year for the increase in its paid up capital, but the Commission refused to grant such extension-------Commission being dissatisfied with the response of the appellant to show-cause notice found that the appellant had not yet complied with the statutory requirements pertaining to the minimum paid up share capital-------Penalty of Rs.100,000 was imposed on the appellant in exercise of powers conferred on the Commission under S.156 of the Insurance Ordinance, 2000-------Validity-------Appellant, who had admitted its default and failure to comply with the requirement of minimum paid up capital, could not be exempted from the liability at all-------Appellant had failed to establish that the Commission had acted beyond the jurisdiction and authority by passing the impugned order and to point out any irregularity or illegality therein-------No reason existed to interfere with the order passed by the Commission for violation of Ss.28 & 11(1)(a) of Insurance Ordinance, 2000. THIS ORDER PASSED BY: TAHIR MAHMOOD, COMMISSIONER (CLD):--------- 1. This order shall dispose of Appeal No. 39 of 2012 filed under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 against the order dated 12/07/12 ("the Impugned Order") passed by the Respondent, wherein a penalty of Rs.100,000/- was imposed under section 156 of the Insurance Ordinance 2000 ("the Ordinance") for violation of section 28 read with section 11(1)(a) of the Ordinance. 2. The facts leading to this case are that the unaudited financial statements for the three quarters ended 30/09/11 revealed that the paid-up capital of Capital Insurance Company Limited ("the Appellant") as on…

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