Law:

Section:

(a) Insurance Ordinance (XXXIX of 2000)--- ----Ss. 11, 28, 63 & 156---Requirements as to minimum paid up share capital---Failure to comply with such requirements by insurance company---Every insurer, registered under Insurance Ordinance, 2000, under notification S.R.O. 291(1)/2007 dated March 26, 2007, was required to raise its paid up share capital in the manner given hereunder, which was stated against the status of the company's paid up share capital on the given dead line---Insurance company, which had failed to do so had contravened the provisions of Ss.28, 11(1) of Insurance Ordinance, 2000 and notification, for which company could be punished under S.63(1) or S.156 of Ordinance---Company, was also required to provide the bank statement of account in which the proceeds of the right issuance, were received but same was not provided by the company---Regardless of whether the proceeds of the said right issue, were actually received by the company in a special account for that purpose, non-compliance of the conditions imposed vide approval of the Commission, seemed to be quite obvious---Default of Ss.28 & 11(1) of Insurance Ordinance, 2000, appertaining to the minimum paid up capital requirement till the issuance of right shares had been established---Company and its Directors had failed to perform their legal obligations in connection with the statutory requirements of Ss.28 & 11(1) of Insurance Ordinance, 2000---Legitimate inference would be inferred that the default was committed knowingly---Penalty as provided under S.156 of Insurance Ordinance, 2000, could be imposed on the company, its Directors and/or its Management---Commission, taking lenient view, imposed fine of Rupees Five Hundred Thousands (Rs.500,000) only on the company for the reasons that the basic default was laid down by the previous Board of Directors of the company and that the current Directors had complied with the minimum paid up capital requirements---Company was issued a strong warning that in case of similar non-compliance in future, a strong action would be taken against the company. (b) Companies Ordinance (XLVII of 1984)--- ----Ss. 194 & 196---Duties of the…

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