Law: Insurance Companies (Sound and Prudent Management) Regulations, 2012

Section: 3(ii)

(a) Companies Ordinance (XLVII of 1984)--- ----Ss. 14, 15 & 16---Company and its directors---Status---Company is a separate juristic person/legal entity under law and is distinct from its Directors---Company is not a mere alias for its shareholders nor merely an agent for them---Interest of a company and its status under law is quite different from that of its shareholders and Directors---No shareholder/Director of a company can be said as owner of any piece of property in which company itself has an interest---Such distinction is to be observed between company as a legal entity and its rights and that of shareholders and their rights---Property likewise owned by a wife and sons/daughters of -debtor cannot be sold as property of -debtor. Anjum Rashid and others v. Shehzad and others 2007 CLD 1210 rel. (b) Damages--- ----Breach of contract---Recovery of damages---Proof---Merely claiming damages and losses cannot be granted in absence of any positive evidence---Any party who claims damages on account of breach of contract is required under law to establish contract, breach thereof and extent of damages put forward/claimed in a suit for damages. Syed Ahmad Saeed Kirmani v. M/S. Muslim Commercial Bank Ltd., Islamabad 1993 SCMR 441 rel. (c) Companies Ordinance (XLVII of 1984)--- ----S. 402---Shops and Establishment Order, 1969, S. 12---Recovery of damages---Wound-up company, liability of---Status of ex-Directors---Plaintiff sought recovery of money against ex-Directors of a company already wound-up in accordance with law---Although claim of plaintiff was settled as full-and-final settlement at time of winding-up of company, yet he filed suit for damages and recovery of money against ex-Directors---Single Judge of High Court dismissed suit on basis of evidence recorded during trial---Validity---Defendants were natural persons and ex-Directors of company in question who could not be treated as same persons like a company---Any legal person though discharged its functions through its Directors, Managers, Agents, Representatives but still two were distinct and never merged into each other rather both remained to continue and retain their respective independent…

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