Law:

Section:

Insurance Ordinance (XXXIX of 2000)--- ----Ss. 12 156---Criteria for sound and prudent management---Penalty for default in complying with, or acting in contravention of the Insurance Ordinance, 2000 (Ordinance)---Scope---Appellant, being Chief Executive Officer of the company, was imposed upon a penalty for deliberately not inviting the complainant, a director, to the meeting of Board of Directors (BOD)---Contentions of appellant, inter alia, were that the respondent had no power to impose penalty for not inviting a Director to the BODs meetings and that S. 12(1)(a) of the Insurance Ordinance, 2000 was not applicable as the same was concerned with the business of the company---Validity---Appellant was responsible for running the affairs of the company, he would have noticed that the complainant was absent for more than one meetings and it was his responsibility to ensure that the complainant was receiving notices of the BODs meetings---Appellant was not handling the business of the company with integrity, due care and the professional skills appropriate to the nature and scale of its activities in terms of S. 12(1)(a) of the Insurance Ordinance, 2000 as such penalty was rightly imposed under S. 156 of the Insurance Ordinance, 2000---Impugned order was upheld and the respondent was directed to proceed against the company Secretary in accordance with law. ORDER 1. This Order is passed in the matter of Appeal No.10 of 2017 filed by Mr. Naim Anwar, Chief Executive Officer (Appellant) of the Crescent Star Insurance Limited (Company) under section 33 of the Securities and Exchange Commission of Pakistan (Commission) Act, 1997 against the order (Impugned Order) dated 01/12/16 passed by the Director Insurance (Respondent). 2. The brief facts of the case are that Mr. Sakib Berjees, Director of Crescent Star Insurance Limited (Complainant), filed a complaint dated 23/07/15 alleging that the Company had deliberately not invited him to participate in the Board of Directors (BOD) meetings of the Company. The complaint was forwarded to the Company for comments, which was responded by the Appellant in the following manner: Mr. Sakib Berjees like other directors was sent…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492