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ENCYCLOPEDIA OF CORPORATE JUDGMENTS OF SUPERIOR COURTS & TRIBUNALS OF PAKISTAN The Encyclopedia Contains: Sr. Pages No. 1. COMPANIES––CASE-LAW 1 – 456 • Supreme Court—Judgments 1 – 66 • High Courts—Judgments 67 – 335 • Tribunals—Judgments 336 – 456 Note: The Case-law of 2024 are available on the following pages: 8, 10, 15, 39, 59, 66, 85, 93, 95, 144, 152, 163, 169, 180, 184, 185, 189, 190, 191, 200, 203, 253, 280, 313, 315, 316, 319, 321, 324, 329, 347, 351, 379, 382, 383, 402, 408, 435, 440 & 453 2. BANKING––CASE-LAW 457 – 900 • Supreme Court—Judgments 457 – 504 • High Courts—Judgments 505 – 867 • Tribunals—Judgments 868 – 900 Note: The Case-law of 2024 are available on the following pages: 470, 480, 504, 528, 559, 582, 591, 592, 598, 616, 617, 618, 625, 641, 659, 661, 668, 674, 687, 704, 743, 806, 821, 826 & 836 3. INSURANCE––CASE-LAW 901 – 1160 • Supreme Court—Judgments 901 – 931 • High Courts—Judgments 931 – 1083 • Tribunals—Judgments 1084 – 1160 Note: The Case-law of 2024 are available on the following pages: 911, 920, 987, 996, 1000, 1061, 1092 & 1099 4. COPYRIGHTS––CASE-LAW 1161 – 1183 5. INTELLECTUAL PROPERTY––CASE-LAW 1184 – 1217 6. TRADE MARKS––CASE-LAW 1218 – 1288 Note: The Case-law of 2024 are available on the following pages: 1176, 1178, 1179, 1199, 1202, 1204, 1214, 1225 & 1259 _________ C o n t e n t s COMPANIES––CASE-LAW (Supreme Court—Judgments) Sr. Page No. A 1. Acquisition of assets and funds beyond known sources of income 7 2. Amount transferred by a company to the WPPF 8 3. Anti-competitive agreement 8 4. Appeal filed against short orders of the High Court 9 5. Applicability of the Income Tax Ordinance, 2001 10 6. Applications filed under the Companies Act, 2017—Limitation 10 7. Appointment of Chief Executive Officer 11 8. Authority and discretion of customs department to fix the "Import Trade Price" 11 B 9. Bail—refusal of 12 10. Banking Court—jurisdiction of 12 11. Banking Court—territorial jurisdiction 13 12. Banking Mohtasib—proceedings against 13 13. Banking scam—Bail—grant of 14 C 14. Capital Value Tax—payment of 15 15. Carrying on business not authorized by memorandum—carrying on unlawful activities 16 16. Charitable trust—Zakat—exemption from 16 17. Circular No. 14 of 2011 dated 6th October, 2011—Income tax—exemption from 17 18. Claim relatable to a contract for insurance 18 19. Company Court/Judge—jurisdiction of 18 20. Company Judge after the winding up of a company 20 21. Company securing input adjustment of sales tax on purchases made from its alleged subsidiary/sister concern 20 22. Compulsory winding up of a company by Court 20 23. Constitution of Pakistan (1973), Art.185(3) 21 24. Constitution of Pakistan, Art. 15 21 25. Constitution of Pakistan, Arts. 199(1)(c) & 184(3) 21 26. Constitutional petition 22 27. Contract of guarantee—Bank/insurance guarantee 25 28. Co-operative Development Corporation converted into a Banking Society 25 D 29. Dealing in foreign exchange without permission of concerned authorities 26 30. Declaration of income under the normal or presumptive tax regime 27 31. Deduction of expenses spent on the management 27 32. Deductions not allowed in computing income 27 33. Default in payment of debt 28 34. Defrauding and cheating the public at large 28 35. Dispute regarding valuation of shares—Fiduciary duties of directors 29 36. Duty of utmost good faith on part of insured 30 E 37. Employees of a State-owned company outsourced to a contractor—Regularization in service 31 38. Evaluation and due diligence by the Board of Directors 32 39. Excess amount of excise duty retained by an Insurance Company 32 40. Execution proceedings instituted 32 41. Exemption of corporation from insolvency proceedings 33 F 42. Fake/benami bank accounts connected with various individuals and entities used for money laundering 33 43. Fertilizer manufacturing company and marketing company 35 44. Finance/loan agreement—Mark-up accrued 35 45. Forfeiture of earnest money—Legality 36 46. Forum competent to try such offence 37 47. Fraudulent transfer of shares 37 48. Funds provided to non-profit body by the Provincial Government 37 G 49. Goods subject matter of the contract between the parties 38 50. Group of Companies—Implied contractual obligations 39 I 51. Immovable property mortgaged with bank 39 52. Income from transactions with non-resident 39 53. Income on account of supplies made to a company 41 54. Incorrect information to Insurance Company 41 55. Indemnity clause—Interpretation and construction 42 56. Interim injunction grant of 43 57. Investigation of affairs of company on application by members or report by registrar 43 L 58. Labour Court—jurisdiction of 44 59. Legal heirs of insured person—Payment of liquidated damages on late settlement of claims 44 60. Legality and Constitutionality 44 61. Letter of credit—Bills of Lading 45 62. Lien/right to set off—Determination 47 63. Loan agreement between bank and borrower 47 M 64. Misuse/misappropriation of Modarabas by companies 47 65. Mortgage by deposit of title deeds 48 N 66. Notification S.R.O. No.519(I)/1992, dated 25-5-1992 49 O 67. Objects of a company—interpretation of 49 68. Obligations of Financial Institutions/Person standing as guarantor/surety for loan 50 69. Output tax of Electricity Distribution Supply Companies 50 P 70. Payment for goods and services 51 71. Payment of certain percent of profits of a company to the Workers' Participation Fund 52 72. Petition for winding up of company 52 73. Policy—notification or an executive order 53 74. Power of Banking Court to adopt any procedure for sale of immoveable property 53 75. Powers of Registrar—Joint Stock companies/Security Exchange Commission to call meetings of Board of Directors of the Company 53 76. Pre-requisites—Banking Court 54 77. Property mortgaged with Bank 55 78. Protection against double punishment 55 79. Protection against double punishment 55 80. Public sector companies—Recruitment and appointment 56 Q 81. Qualification for appointment 56 R 82. Recovery of finances—Establishment of Banking Court 57 83. Recovery of Loans—Advances—Credits and Finances 57 84. Recovery suit against company before the Banking Court 58 85. Refund—claim for 59 86. Removal and substitution of Companies with another Modarabas management company 59 87. Retirement of Directors of the company 60 88. Retrospective effect 61 S 89. Sale of immoveable property in execution of a decree—procedure for 61 90. Sale of property by Bank without intervention of the Court—Procedure 61 91. State Bank of Pakistan and Securities and Exchange Commission of Pakistan—liability of 62 92. Statute dealing with companies 63 93. Subsidiary/sister concern relationship 63 94. Super tax—imposition of 63 T 95. Territorial jurisdiction of Islamabad High Court 64 U 96. Unreasonable restraint on trade—Rule of reason 64 W 97. Winding up of company 65 98. Workers Profit Participation Fund (WPPF) 66 99. Writ of quo warranto 66 ___________________ COMPANIES––CASE-LAW (High Courts—Judgments) Sr. Page No. A 1. Abrogation of appointment 84 2. Accounting on cash/accrual basis 84 3. Accounting system—Interest—maintaining of 84 4. Acquisition of shareholding of more than 10% in an Insurance Company 85 5. Adjudication by Regulatory Authorities 85 6. Adjudication of application for leave to defend 86 7. Adjudication of application for winding-up a company 86 8. Adjudication of Banking disputes 86 9. Adjudication of complaints by Banking Mohtasib 87 10. Adjustments from unregistered persons 88 11. Affiliation of Associations 88 12. Affixation of stamp on certified copies 89 13. Allegation of disclosing trade secret and confidential information 89 14. Allegation of fake invoices—Offence falling under crime against society 89 15. Allegation of misconduct against employee 90 16. Allotment of flat as employee of company—cancellation of 91 17. Allowance of perquisites paid by certain corporations 92 18. Alternate and efficacious remedy—Factual controversy 92 19. Alternate and efficacious remedy—Right of appeal 93 20. Alternate remedy—availing of 94 21. Alternate remedy—non-availing of 94 22. Amalgamation of a Banking Company with any other company 95 23. Amalgamation of companies—Scheme of arrangement 95 24. Amalgamation of wholly owned subsidiaries in holding company 95 25. Amounts subsequently recovered in respect of deductions 96 26. Annual general meeting—Invalid proceedings 96 27. Annual General Meeting—Restraining order 97 28. Appeal against such order filed before Division Bench of the High Court under S. 152(4) of the Ordinance—Limitation 97 29. Appeal to High Court in certain cases 97 30. Applicant Companies were providing cellular phone services and claimed to be "industrial undertakings" 98 31. Application for appointment as Director of Insurance Company 98 32. Application for enforcement of Insurance policy claim 99 33. Application for leave to appear and defend the suit 99 34. Application for recovery of accidental death benefits 99 35. Application for recovery of Insurance amount 100 36. Application for winding-up of company 100 37. Application on behalf of deceased husband for payment of group claim 101 38. Application seeking restoration of petition 101 39. Application to Court 102 40. Application to High Court 102 41. Application/petition under S. 152 of the Companies Ordinance, 1984 for rectification of register of members 102 42. Appointment of Managing Director/Chief Executive Officer of a Corporation controlled by Government 103 43. Appreciation of evidence 103 44. Appreciation of evidence—Jurisdiction of Banking Courts 104 45. Approval of merger 105 46. Approval of merger—Duty of Court 105 47. Approval of mergers from Competition Commission—exemption from 106 48. Assessment order—amendment of 106 49. Association incorporated as a company 107 50. Attachment of franchise fee before judgment—Permissibility 107 51. Audi alteram partem—doctrine of 108 52. Audit of companies—Duties of auditor 108 53. Authority of a local government to levy taxes 109 54. Authorization through a Board resolution 109 B 55. Bailee—negligence of 110 56. Bank guarantee—encashment of 110 57. Bank or Insurance guarantee 111 58. Banking Companies 111 59. Banking Court—Procedure 112 60. Banking licence—cancellation of 112 61. Banking Mohtasib (Ombudsman)—Non-judicial powers 113 62. Banking Mohtasib (Ombudsman)—powers of 113 63. Banking Mohtasib—jurisdiction of 114 64. Binding nature of State Bank of Pakistan Circulars 115 65. Board of Directors of company—Reconstitution of 116 66. Board resolution—absence of 116 67. Books of accounts of company—Inspection 116 68. Books to be open to inspection—Public office and Public officer 117 69. BPD Circular No. 29—applicability of 117 70. Burglary policy—claim under 118 71. Business and objects of a company 118 C 72. Calculation of Liquidated Damages payable by Insurance Company on late settlement of claims 119 73. Cancellation of incorporation certificate—Registration of Trade Organization 119 74. Capital gain tax on disposal of securities 120 75. Capitalization of the reserves/issuance of bonus shares 120 76. Case of further inquiry—Subsequent developments 121 77. Cases in which Companies may be wound-up by Court 122 78. Chairman and directors of a company 122 79. Change of Directors of a company 122 80. Charging of tax—Principle 123 81. Charitable institution affairs of—Determination 124 82. Circular No. 11 dated 1-7-2010—implementation of 124 83. Civil Court—jurisdiction of 125 84. Clarification introduced in scheme 125 85. Clause in Insurance Policy specified territory for institution of suit 126 86. Collection of premium 126 87. Collection of tax in the case of private Companies and associations of persons 127 88. Competence of liquidator to apply to court for implementation of his findings 127 89. Composite Banking Income 128 90. Compromise with creditors and members 129 91. Compromises—arrangements and reconstruction of companies 130 92. Compulsory group Insurance compensation 131 93. Compulsory winding up of a company 131 94. Computation of period of limitation for filing of claim 131 95. Computation of period of limitation 132 96. Conditions of registration of Insurance Company 133 97. Constitution of Pakistan, Art. 170(2)(f) 133 98. Constitution of Pakistan, Arts. 18, 24 & 25 134 99. Constitutional jurisdiction of High Court 134 100. Constitutional petition 138 101. Constitutional petition—Alternate remedy 139 102. Constitutional petition—Audit 140 103. Constitutional petition—Customer 141 104. Constitutional petition—Maintainability 141 105. Constitutional petition—Mal-administration 145 106. Constitutional petition—Sales tax on services 145 107. Constitutional provisions relating the Judicature 145 108. Constitutionality of such power 146 109. Consumer Court—jurisdiction of 146 110. Contempt proceedings—initiation of 148 111. Contract employee—Regularization of service 148 112. Contract of guarantee—Liability of guarantor/surety 149 113. Contracts/Agreements between cellular Companies and their customers 149 114. Corporate democracy—principle of 150 115. Correction in Register of Members—Statutory notice 150 116. Corruption and corrupt practices 151 117. Cost of funds—Determination 151 118. Cost of funds—non-awarding of 152 119. Council of Common Interest—powers of 152 120. Court of original jurisdiction 153 121. Court—jurisdiction of 153 122. Credit Information Bureau (CIB) list 154 123. Credit Information Bureau—Placing name in the list 156 124. Criminal proceedings initiated under the Companies Ordinance, 1984 156 125. Customer and Finance—Definition 156 D 126. Damage by fire to imported goods before reaching bonded warehouse 157 127. Damages—Recovery—Onus to prove 157 128. Death of employee during service—Benefits that formed part of "Tarka" 158 129. Deduction of tax at source 158 130. Deduction on account of debris 159 131. Deeper appreciation of evidence 159 132. Default in holding statutory meeting/two consecutive annual general meetings 159 133. Default in obligations of customers of microfinance institutions 160 134. Defaulter list—placing name in 160 135. Deferred cost—Concept and scope 160 136. Delisting of Insurance Company by Bank 161 137. Delisting of such Co-insurer Company by Bank 161 138. Depletion allowance—calculation of 162 139. Deputy Commissioner or Commissioner Inland Revenue—Powers of 162 140. Determination of electricity tariff 163 141. Determination of pecuniary jurisdiction 163 142. Directive by Securities and Exchange Commission of Pakistan 164 143. Discretionary powers of Court 164 144. Discretion—exercise of 165 145. Dishonored cheque 165 146. Dismissal of suit for non-prosecution 166 147. Dispute—determination of 166 148. Distinction between the two statutes 166 149. Documents--production of 167 150. Double taxation—avoidance of 167 151. Duty of Court 168 E 152. Elected director—removal of 168 153. Election dispute—Concealing of facts 168 154. Employee of Pakistan Re-insurance Company Limited—Dismissal from service 169 155. Enforcement of contractual obligation—Arbitration clause 169 156. Enforcement of money charged on immovable property 170 157. Eventualities—Onus to prove 170 158. Ex parte decree—setting aside of 170 159. Excise duty—refund of 171 160. Execution of decree of Banking Court 172 161. Execution of decree 172 162. Execution proceedings 174 163. Executive Officer of the company 174 164. Exemption from levy of sales tax—Packaging material 175 165. Exemption from payment of tax and exemption from applicability of tax 175 166. Exemption from tax 176 167. Exemption or lower rate certificate—Applicability 176 168. Exemptions from total income—Industrial undertaking—definition of 177 169. Exercise of powers by Banking Mohtasib 177 170. Exercise of powers of Liquidator subject to sanction 178 171. Exercise of powers under enactment 178 172. Ex-parte judgment and decree—setting aside of 179 173. Expiry of licence of Sales Manager of Insurance Company 179 174. Extension of the SMEDA's CEO 180 F 175. Factual controversy—Ombudsman—decision of 181 176. Fair reserve price—determination of 181 177. Fatal accident—Suit for recovery of damages 182 178. Federal Ombudsman—decision of 182 179. Fidelity and secrecy—Right as to equality of citizens 183 180. Financial Institution—definition of 183 181. Financial Institution—meaning of 183 182. Financial institutions and other companies 184 183. Financial institutions and other Companies Bill boards and sign boards 185 184. Foreign company—Professional tax 185 185. Fraudulent transfer eradication of 185 186. Front man—status of 186 187. Functional test of employer company and institution 186 188. Functions—Powers and Terms and Conditions of Service 187 G 189. Grievance—non-redressal of 187 190. Group insurance—payment of 187 191. Group insurance—Tarka of deceased 188 192. Group relief—benefit of 188 193. Guaranteeing resolution of trade 189 194. Guaranteeing resolution of trade/commercial/corporate 190 H 195. High Court acting under special jurisdiction 191 196. House Finance—Default by customer 191 I 197. Impleadment of party during pendency of suit 191 198. Implementation of provisions of law 192 199. Implementing order of Supreme Court—Review of order 193 200. Imposition of fine 193 201. Inability to pay debts—Determination 193 202. Income from mark-up declared in return 194 203. Income from transactions with non-resident 194 204. Inconsistency between Federal and Provincial law 195 205. Incurred But Not Reported claims 195 206. Independence and autonomy of contracts of guarantee 196 207. Independent Director—Appointment 196 208. Individual grievance—Scope 198 209. Industrial undertaking—definition of 198 210. Inquiry---investigation and other proceedings in respect of regulated persons 198 211. Insurance Bond/Guarantee of Insurance Company 200 212. Insurance business and normal business—Taxability 201 213. Insurance business—Provision or a reserve as disclosed by the assessee 201 214. Insurance company—Petition for winding up 201 215. Intangible assets—Amalgamation of Banking Companies 202 216. Interim injunction—refusal of 203 217. Interim/interlocutory order 203 218. Interpretation of Section 19 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 204 219. Interpretation of Section 82-D of the Banking Companies Ordinance, 1962 205 220. Intra-court appeal—Equalization surcharge 205 221. Intricate questions—Determination 206 222. Investigation into affairs of company 207 223. Investigation of company's affairs in other cases 208 224. Issues—non-framing of 209 J 225. Judicial restraint—principle of 210 226. Jurisdiction of Banking Court in Pakistan 210 227. Jurisdiction of Banking Mohtasib 211 228. Jurisdiction of Civil Court 212 229. Jurisdiction of Commissioner for Workmen's compensation 212 230. Jurisdiction of Securities and Exchange Commission of Pakistan 213 231. Jurisdiction of the Banking Mohtasib 213 232. Jurisdiction of the Court 214 233. Jurisdiction under Payment Systems and Electronic Fund Transfers Act, 2007 214 234. Jurisdiction—powers and procedure of Courts under Companies Act, 2017 215 L 235. Lease Key Money—Double taxation 215 236. Leave to defend—refusal of 216 237. Legislative intent behind such mediation 216 238. Legislative intent in S. 166 of Companies Act, 2017 217 239. Legislative intent of the Companies Act, 2017 218 240. Levy of advance income tax and customs duty 218 241. Liability for fraudulent conduct of business 218 242. Licensed Marketing Companies of Liquefied Petroleum Gas 219 243. Limitation for filing such application—Condonation of delay 220 244. Limitation period—calculation of 220 245. Liquidated damages 220 246. Liquidation expense and payment to unsecured creditors 222 247. Liquidation of assets of company 222 248. Liquidation proceedings—Revival of proceedings 223 249. Loan advanced by Foreign Branch of Bank (plaintiff) 223 250. Loan to employees—Factual controversy 223 251. Local Government Taxes—Fees—Rates and Tolls 224 M 252. Maintainability of constitutional petition against such company 224 253. Major penalty—Termination from service 225 254. Mal-administration—Fraud committed by bank manager 225 255. Managing Director—appointment of 225 256. Mandatory nature of rules—Determination 226 257. Mandatory retirement—Discrimination 226 258. Mark-up—recovery of 227 259. Marriage of companies—Corporate divorce 228 260. Marriage of companies—De-merger 228 261. Mediation of disputes/complaints 228 262. Meetings and Procedure—Calling of extraordinary general meeting 229 263. Meetings and proceedings of company 229 264. Merger and demergers 229 265. Merger and demergers—Sanction of the Court 229 266. Merger of companies—Approval of 230 267. Mergers—demergers and acquisitions by or of companies 230 268. Microfinance Institution and Microfinance Bank 231 269. Microfinance Institution not to be deemed to be a Banking Company 231 270. Microfinance institutions—Recovery of finance 231 271. Minimum tax on income of certain Companies and registered firms 232 272. Minimum tax on income—Subsidy on tariff 232 273. Mohtasib (Ombudsman)—powers of 233 274. Mutual Insurance Company—Solvency of non-life insurer 233 N 275. Negotiable instrument—Presumption of truth 234 276. Nominee and elected directors—Distinction 235 277. Non-availability of compromise agreement on record 235 278. Non-functional companies—Loss of substratum 236 279. Non-judicial powers 237 280. Non-Profit Organization and Non-Governmental Organization 237 281. Non-statutory rules of service 237 282. Notification No. 6/34/2015-PE-III dated 01-10-2015 239 283. Notification SRO No. 585(1)/86 dated 13-07-1987 240 284. Notification SRO No. 772(I)/2018, dated 14-6-2018 241 285. Notification SRO No. 840(I)/2017 dated: 17-08-2017 241 286. Notification SRO No.101(I)/2016, dated 9-2-2016 242 287. Notification SRO No.1017(I)98 dated 21.7.1998 242 288. Notification SRO No.190 (I) 2002 dated 2-4-2002: 243 289. Notification SRO No.583(I)/2017 dated 1-7-2017 243 290. Number of workers—determination of 243 O 291. Objections to auction proceedings 244 293. Objections—non-filing of 246 294. Offer of shares/debentures for sale 246 295. Opinion formation—absence of 247 296. Oppression and mismanagement 247 297. Ouster of jurisdiction of any other court on matters under Companies Act, 2017 248 P 298. Packaging/Merging of construction contracts 248 299. Partnership business—Receiver—appointment of 249 300. Pawnee's right—Offer of shares/debentures for sale 249 301. Payments for goods and services—Maximum tax 250 302. Payments made to associated companies/undertakings 250 303. Pecuniary jurisdiction of Assistant Collector 251 304. Penalty for carrying on ultra vires business 251 305. Person performing function in connection with affairs of federation 252 306. Petition for leave to appear and defend 252 307. Petitioner Companies sought approval of Scheme of their merger 253 308. Petitioners claimed that transfer of their shares to respondents were illegal 253 309. Pledged stock—sale of—Procedure 254 310. Policy directives issued by the Federal Government with respect to RLNG allocation 254 311. Post bid conditions—framing of 254 312. Power of Commission to enforce compromises and arrangements 255 313. Power of company limited by shares to alter its share capital 255 314. Power of Court to rectify register 256 315. Power of Court to rectify Register—Limitation 256 316. Power of court to stay winding up of a company 257 317. Power of Ombudsman to punish for contempt 257 318. Power of Registrar to strike defunct company off register 258 319. Power of Securities and Exchange Commission 259 320. Power to acquire property and to make contracts 259 321. Power to declare interim dividend 260 322. Powers and jurisdiction of Banking Mohtasib 260 323. Powers of Commission to facilitate reconstruction or amalgamation of companies 261 324. Powers to prohibit or restrict imports and exports 261 325. Pre-arrest bail—grant of 262 326. Prevention of oppression and mismanagement 262 327. Previous management of defendants—liability of 264 328. Prior approval of Federal Board of Revenue 265 329. Priority of requirement of natural gas—Political wisdom 265 330. Privileged information—Fishing inquiry 266 331. Procedure and powers of the Banking Court 266 332. Procedure for filing complaints before Banking Mohtasib 266 333. Procedure of Banking Court 267 334. Procuring agency—definition of 268 335. Prohibition on acceptance of deposits from public 268 336. Promotion against the post of Electrician 269 337. Property tax—exemption from 270 338. Public limited company—Discrimination 270 339. Public project—Utilization of funds 271 340. Publication of name by a company 272 Q 341. Quarterly Tariff Adjustment 272 342. Quashing of proceedings 273 343. Quo warranto—Onus to prove 274 R 344. Rash or negligent act or omission—Safety measures 274 345. Reasonable "information" about the person to be proscribed 275 346. Recharacterisation of income and deductions 275 347. Reconstitution of—Removal of a "Nominee Director" 276 348. Reconstruction or amalgamation of companies 276 349. Recording of evidence 278 350. Recovery of bank loan—suit for 279 351. Recovery of Loans—Advances—Credits and Finances 279 352. Recovery of money on the basis of cheque 279 353. Recovery of sales tax—Jurisdiction 280 354. Recruitment policy—change in 280 355. Rectification of register of members—Limitation 281 356. Redetermination of tariff—Failure to provide opportunity of hearing 282 357. Reduction in share capital 282 358. Reference to investigating agency 283 359. Reference—"Banking Company" and "Investment Bank" 284 360. Refusal of injunction 284 361. Registered office of a company 285 362. Registrar—jurisdiction of 285 363. Registration and regulation 286 364. Regulated activity—Regulated person 286 365. Regulation of Modaraba Management companies 287 366. Regulatrory Authority's approval 288 367. Repugnancy to Injunctions of Islam 288 368. Requirement to register a mortgage or charge 289 369. Res judicata—Applicability 290 370. Resolution of Board of Directors—absence of 290 371. Resolution of dispute of private character 291 372. Restoration of suit dismissed for non-prosecution 292 373. Restructuring of finance facility 292 374. Restructuring/rescheduling plan for a company undergoing winding-up 293 375. Retrospective effect—Applicability 294 376. Return of benefits—Principle 294 377. Right as to equality of citizens—Discriminatory treatment 295 378. Right to fair trial and due process 295 379. Right to fair trial and equality of citizens 296 380. Rule of Indoor Management 296 S 381. Sales tax—levy and collection 297 382. Scheme for arrangement—Approval 297 383. Scheme of amalgamation of companies 298 384. Scheme of arrangement 298 385. Scheme of arrangement/amalgamation—Approval 299 386. Scheme of Arrangement—Implementation 300 387. Scheme of arrangement—Merger and demergers 300 388. Scheme of arrangement—Sanction 301 389. Scheme of Arrangements—Settling of liabilities 302 390. Scheme of Merger—Approval 302 391. Securities and Exchange Commission of Pakistan pressed pre-merger clearance 303 392. Securities and Exchange Commission of Pakistan—jurisdiction of 303 393. Selection of case for audit—Payments made outside Banking channels 304 394. Seniority—determination of 305 395. Service of notices/summons on the defendant 305 396. Share capital—reduction in 306 397. Shares of bank—acquiring of 306 398. Shares—non-adjustment of 307 399. Sharing of costs of Insurance Ombudsman Secretariat by insurance companies 307 400. Show-cause notice—issuance of 307 401. Signing and verification of plaint 308 402. Special Power of Attorney—Letter of Authority and/or Board's Resolution of company 309 403. State Bank BCD Circular No. 4 of 2013 309 404. State Bank of Pakistan Circulars—Legislative instrument 310 405. Statutory requirement of publication 310 406. Stay of proceedings of winding up of company under original/civil jurisdiction by High Court 311 407. Subsequent events—Press publication 311 408. Subsidy—entitlement of 311 409. Subsidy—withdrawal of 312 410. Suit for damages for malicious prosecution—filing of 312 411. Suit for damages—Impleadment of parties 314 412. Suit for declaration and injunction 314 413. Suit for declaration—damages and compensation 315 414. Suit for recovery filed before the Banking Court by a Company undergoing winding up 315 415. Suit for recovery filed under O. XXXVII, C.P.C. filed by microfinance institution was decreed 316 416. Suit for recovery of damages 317 417. Suit for recovery of finance 318 418. Suit for recovery of loan amount and damages 319 419. Suit for recovery 319 420. Suit for specific performance and injunctions was rejected 320 421. Suit for specific performance of agreement to sell 320 422. Suit for specific performance of agreement 321 423. Super tax for rehabilitation of temporarily displaced persons 322 424. Suspension of order—denial of 323 T 425. Tax exemption—Electricity consumption 323 426. Tax on undistributed profits of public limited companies 324 427. Taxable supply—Adjustment of input tax from output tax 324 428. Term "sufficient cause" 325 429. Trading by directors—officers and principal shareholder 325 430. Transactions exempted 327 431. Transfer of shares and debentures 327 432. Transfer of shares to successor-in-interest 328 433. Transfer of shares—Procedure 328 434. Transmission license—Sale and purchase of electricity 328 435. Turnover—Subsidy granted by Federal Government 329 U 436. Unanimous approval of merger scheme and swap ratio by all the shareholders 330 437. Union Insurance Company received an intimation of loss from Bank on account of fire 331 438. Unwillingness/inability to pay debts—Distinction 331 V 439. Vacancies of university—filling of 331 W 440. Winding up of company 332 441. Winding up proceedings stay of 333 442. Winding up proceedings—Claim settlement of 333 443. Winding-up of company—High Court—jurisdiction of 334 444. Winding-up of company—Pre-condition 334 445. Workers' Welfare Fund—Adjustment—availing of 335 ________________ COMPANIES––CASE-LAW (Tribunals—Judgments) Sr. Page No. A 1. Abuse of dominant position 343 2. Abusing of dominant position—entering into prohibited agreement 344 3. Accounting Regulations 344 4. Acquisition of additional voting shares 345 5. Acquisition of an Insurance company by another company 345 6. Admissible assets—Advance—determination of 346 7. Advance tax paid by the taxpayer 346 8. Adverse environmental effects 347 9. Alteration of memorandum of a company 347 10. Amendment of assessment 348 11. Annual Audited Financial Statement 349 12. Anti-Competitive conduct 350 13. Anti-money laundering regulatory framework, non-compliance of 350 14. Appeal against order passed by the Federal Ombudsman 351 15. Appeal against order 351 16. Appeal before Competition Appellate Tribunal—Fraudulent use of a logo trademark 352 17. Appellant was fined for not publishing—circulating 352 18. Appellant/Surveyor—conducted survey of non-life classes of business 352 19. Application for designation as a group—Group taxation 353 20. Application for grant of licence 353 21. Appointment of Directors of the company—Eligibility 354 22. Appointment of Directors without approval by an Insurance Company 354 23. Appointment of unqualified person as Auditor 355 24. Apportionment of deductions 355 25. Assessee a Life Insurance Company 356 26. Assessee company filed its return claiming exemption 357 27. Associated companies 358 28. Audit of Annual Financial Statement of the company 358 B 29. Binding for every listed company to advise and keep advised Stock Exchange 359 30. Breach of fiduciary duty by auditors 360 C 31. Cancellation of Licence to undertake Asset Management Service for contravention of Rules and Regulations 360 32. Capital contribution by the shareholders' fund to statutory fund—distribution of 361 33. Charge—non-registration of 362 34. Code of Conduct for Credit Rating companies/Agencies 362 35. Company had appointed three persons as Directors without approval 363 36. Company's Legal Counsel had admitted such situation 364 37. Complaints against the Insurance Companies 364 38. Compulsory registration—Imposition of penalty 365 39. Computation of Income of Banks and Insurance Companies 365 40. Computation of profits and gains of Insurance business 366 41. Conditional licence—grant of 367 42. Conditions for issue of shares other than right 367 43. Condonation of delay 67 44. Consolidated financial statements 368 45. Contravention of requirements of the Regulations relating to the recording and reporting of investment properties 369 46. Criteria for sound and prudent management 370 D 47. Damage to stock of insured due to monsoon rains 370 48. Deceptive marketing practices—Undertaking 371 49. Deduction not admissible 371 50. Defunct Company—restoration of 372 51. Delay in filing returns of beneficial ownership 372 52. Depositing premium by Insurance Agent 373 53. De-registration—blacklisting and suspension of registration 373 54. Directive to comply with requirement of law 373 55. Dismissal of application for grant of licence 374 56. Distribution agreement—non-considering of 375 57. Distribution of false or misleading information 375 58. Dividends—issuance of 376 59. Doctrine of 'per se'—applicability of 376 60. Dominant position—Meaning 377 61. Duties of the Directors of Insurance Company 377 E 62. Effect of Memorandum and Articles 378 63. Election of Directors of Company 378 64. Election of directors—procedure for 379 65. Election—term of office and duties of the Directors 379 66. Employees' provident funds and securities 380 67. Engaging of insurer in misleading or deceptive conduct 381 68. Entering into prohibited agreements and deceptive marketing practices 381 69. Environmental Protection Agency—powers of 382 70. Environmental Protection Order—issuance of 383 71. Exemption from disclosures 383 F 72. Failure of Auditor to bring out material facts about the affairs of the company 384 73. Failure of beneficial owner to tender or recover amount of gain 385 74. Failure of Director to disclose nature of his interest in respect of any contract 385 75. Failure of insurer to meet criteria for sound and prudent management 386 76. Failure to annex Director's Report with accounts filed with Registrar of companies 387 77. Failure to appoint Share Registrar by the company 387 78. Failure to appoint whole time secretary 388 79. Failure to comply with conditions imposed on registered insurers 388 80. Failure to file Annual Audited Accounts and Regulatory Returns within time 389 81. Failure to file interim financial statements 389 82. Failure to file return of beneficial ownership within prescribed period 390 83. Failure to fulfil minimum insolvency requirement 391 84. Failure to hold Annual General Meeting within stipulated time 392 85. Failure to maintain statutory deposit—Exemption 392 86. Failure to make out disclosures for the remuneration of Chief Executive 393 87. Failure to make report of said transactions to the Commission 393 88. Failure to meet criteria for sound and prudent management by Insurance Company 394 89. Failure to pay tax due on taxable services 395 90. Failure to prepare and transmit quarterly/half yearly accounts 396 91. Failure to prepare—transmit and file quarterly accounts 396 92. Failure to publish—circulate and file "Statements of Compliance" 397 93. Failure to seek approval of the Commission before appointing Chief Executive Officer 398 94. Failure to submit Audited Annual Accounts 398 95. Failure to submit statements forming part of the Regulatory Returns 399 96. Failure to submit the Director's report while filing Accounts with the Registrar 399 97. Failure to submit the statement of assets for solvency by Insurance Company 400 98. False statement in documents 400 99. Filing of circular with regard to further issue of capital 401 100. Filing return of beneficial ownership—Limitation 402 101. Fitness and proprietary of the Company Secretary 402 102. Further issue of capital to increase capital of the company 403 G 103. Giving false statement—effect 404 H 104. Holding of Annual General Meeting by Company 404 105. Holding the Office of Chief Executive Officer by Director 405 I 106. Imposition of penalty 405 107. Imposition of penalty for false statement 406 108. Inclusion of deposits received as security against guarantees as admissible assets 407 109. Income from other sources 407 110. Independent directors—requirement of 408 111. Individual grievance—Scope 408 112. Ineligibility of a person to become director of a company 409 113. Inside trading 409 114. Inspection of books of accounts by Inspection Team appointed by Securities and Exchange Commission 410 115. Insurance company—Amendment of assessment 411 116. Investment in associated Companies and undertakings 412 117. Investments by Company in an associated Companies and undertakings—without the authority of a special resolution 412 118. Investments in associated Companies and undertakings in violation of resolution 413 119. Investments in associated Companies and undertakings 414 120. Irregularities in calculation of 'Net Capital Balance' (N.C.B.) 414 121. Issuance of bonus shares in violation of Rules 414 122. Issuance of different policies on a single risk 415 123. Issuance of 'No objection certificate' 416 124. Issuance of prospectus for raising capital 417 125. Issuance of shares at discount—Limitation 417 126. Issuance of unqualified audit report by Auditor—Imposition of penalty 418 J 127. Jurisdiction of Commissioner far Workmen's Compensation 419 L 128. Liquidated damages—Computation of 419 129. Loss due to destruction of stock by fire 420 130. Maintenance of employees' provident fund 421 M 131. Maintenance of reinsurance treaty arrangement with fake Insurance Corporation by the Insurance Company 421 132. Making gain by beneficial owner of listed equity securities by purchase and sale transaction 422 133. Merger of companies—Post-merger risks 422 134. Merger of companies—Relevant market' 423 135. Merger—approval of 423 136. Misstatement in accounts by company 424 N 137. Non-compliance of Regulations 425 138. Non-forwarding of copy of balance-sheet to the Registrar of companies 425 139. Non-providing of opportunity of hearing 426 140. Notification No.1061(1)/ 2005 dated 18-10-2005; SRO No.49(I)/2009 dated 23-1-2009 427 141. Notification S.R.O. No. 1227/2005, dated 12-12-2005 427 142. Notification S.R.O. No.499(I)/2009 dated 13.06.2009 428 143. Notification SRO 154(1)/2015 dated 19-2-2015 428 144. Notification SRO No.586(I)/91, dated 30-6-1991 429 145. Notification SRO No.659(I)/2009, dated 14-7-2009 429 146. Notification SRO No.682(I)/2008 dated 25-6-2008 430 P 147. Passing resolution by Association without convening meeting 431 148. Payment of huge remuneration to chairperson of the company in contravention of condition of licence 432 149. Penalty for contravention of Rules 432 150. Person liable to pay tax Return 432 151. Power of Registrar of Companies to call for information or explanation 433 152. Power to dispense with "Limited" in the name of charitable and other companies 433 153. Power to prohibit or restrict importation and exportation of goods 434 154. Powers of the Environmental Protection Agency 434 155. Premature termination of rating contract 435 156. Pre-merger proceedings—Acquiring of shares 435 157. Procurement policy—Competitive process 436 158. Prohibited agreements—Concession agreement 436 159. Prohibition for payment of remuneration to member of the company 437 160. Prohibition on Stock Exchange deals by insiders 438 161. Protection against retrospective punishment 438 Q 162. Quarterly financial statements—non-transmitting of 439 163. Question before Appellate Tribunal was whether the status of taxpayer was of a distributor 440 R 164. Rectification of name of company 440 165. Reinsurance—income of 441 166. Reinvestment of profit 441 167. Requirements of Accounting and Financial Reporting Standard 441 168. Restrictions on declaration of dividend 442 169. Revaluation of fixed assets 443 170. Review Report with the Securities and Exchange Commission 444 171. Revocation of appointment of Inspector 444 172. Revocation of licence 444 S 173. Services provided by banking Companies or non-banking financial companies 445 174. Shareholders of the company—filed application 446 175. Show cause notice—Anti-competitive practices 447 176. Special provisions relating to Banking business 447 177. Submission of revival plan—Misstatement 448 178. Substantial lessening of competition 448 179. Super Tax—Exemption from 449 T 180. Telecommunication services—Tax coverage 450 181. Trade union—Cancellation of registration 450 182. Trading by beneficial owner of more than ten per cent of its listed equity securities 451 183. Transaction with associated companies 451 184. Transmitting electronically the Quarterly Financial Statements to Securities and Exchange Commission of Pakistan by a Company 452 V 185. Vertical/unilateral horizontal effects of merger and countervailing factors 453 186. Violation of conditions of licence 454 W 187. Welfare of members of the association 454 188. Withdrawal of appeal 455 ____________________ BANKING––CASE-LAW (Supreme Court—Judgments) Sr. Page No. A 1. Ad-interim bail—confirmation of 462 2. Amendment of assessment by Commissioner 462 3. Appeal against judgment of Banking Court 463 4. Auction of judgment debtor's properties 463 5. Auction of mortgaged property by Bank 464 6. Auction proceedings 465 7. Auction proceedings set-aside by Banking Court 466 8. Auction proceedings 466 B 9. Bank making payment to State Bank on behalf of the loanee (exporter) 467 10. Banking and Finance—Gold medal—award of 468 11. Banking Court—jurisdiction of 468 12. Banking Court—territorial jurisdiction 469 13. Banking scam—Bail—grant of 469 14. Board of the Bank—functions of 470 15. Bona fide auction purchaser 470 C 16. Constitution of Pakistan, Art. 15 471 17. Constitution of Pakistan, Arts. 199(1)(c) & 184(3) 471 18. Constitutional petition under Art. 184(3) 471 19. Contract of guarantee—Bank/Insurance guarantee 472 20. Co-operative Development Corporation converted into a Banking Society 472 D 21. Decree by Banking Court—Execution proceedings 473 22. Decree of Banking Court 473 23. Decree of Banking Court—Execution 474 24. Delay—Condonation of 475 25. Dismissal of application for cancellation of auction proceedings 475 E 26. Ex-parte decree against judgment debtor 476 27. Execution of decree passed by Banking Court 476 28. Execution of decree—Second execution application 477 F 29. Fake/benami bank accounts connected with various individuals and entities used for money laundering 478 30. Finance facility availed by loanee from Bank to settle its liability with the State Bank 479 31. Finance/loan agreement—Mark-up accrued 479 32. Forum competent to try such offence 480 G 33. Guardian in the suit—appointment of 480 I 34. Immovable property mortgaged with bank 481 35. Income on account of supplies made to a company 481 36. Interim injunction grant of 481 J 37. Judgment-debtor failing to pay part of decretal amount 483 L 38. Legal and procedural errors during execution proceedings 483 39. Letter of credit—Bills of Lading 484 40. Lien/right to set off—Determination 485 41. Loan agreement between bank and borrower 486 M 42. Mark-up allowed only till date of repayment of amount 486 43. Misappropriation—corruption and fraud 486 44. Mortgage by deposit of title deeds 487 N 45. Not exempted from levy of excise duty 488 46. Notification S.R.O. No.519(I)/1992, dated 25-5-1992 489 O 47. Objection application against such sale 489 48. Objection petition regarding non-serving of notice at address outside Pakistan 489 49. Objects of a company—interpretation of 490 P 50. Person standing as guarantor/surety for loan 490 51. Plea of forged documents negated by admission 491 52. Power of Banking Court to adopt any procedure for sale of immoveable property 491 53. Power of Banking Court to order interim sale 491 54. Pre-requisites—Banking Court 492 55. Property mortgaged with Bank 492 56. Property mortgaged with bank—Execution proceedings 493 57. Protection of rights of a bona fide purchaser of auctioned property 493 R 58. Recovery of finance—Authority to institute suit 494 59. Recovery of Loans—Advances—Credits and Finances 494 60. Recovery suit against company before the Banking Court 495 61. Recovery suit filed by Bank against borrower/defendant 496 62. Recovery suit—Auction of judgment-debtor's property 496 63. Removal from service before expiry of employment period 497 64. Retrospective effect 499 S 65. Sale of immoveable property in execution of a decree—procedure for 499 66. Sale of judgment debtor's property by way of public auction 500 67. Sale of mortgaged property by Financial Institution under S.15 of Financial Institutions (Recovery of Finances) Ordinance, 2001 without intervention of the Court 500 68. Sale of mortgaged property by way of public auction 501 69. Sale of property by Bank without intervention of the Court—Procedure 501 70. State Bank of Pakistan, BCD Circular No. 32 dated 26-11-1984 502 71. State Bank of Pakistan—Purpose and functions 503 72. Statement of account submitted by financial institution before the Banking Court 503 73. Suit against company before the Banking Court 503 74. Suit for recovery of finance 504 75. Suit for recovery of loan 504 _________________ BANKING––CASE-LAW (High Court—Judgments) Sr. Page No. A 1. Absconder from law 527 2. Accounting on cash/accrual basis 527 3. Accounting system—Interest—maintaining of 527 4. Acquisition of shareholding of more than 10% in an Insurance Company 528 5. Adjudication by Banking Court 528 6. Adjudication of application for leave to defend 529 7. Adjudication of Banking disputes 530 8. Adjudication of complaints by Banking Mohtasib 531 9. Adjudication of Statement of accounts 532 10. Adjudication of such dispute in execution proceedings 532 11. Adjudication of such suit 533 12. Admissibility in evidence before the Banking Court 533 13. Admitting of appeal—Pre-conditions 534 14. Alleged default in repayment of loan 534 15. Alternate and efficacious remedy—availability of 535 16. Amalgamation of a Banking Company with any other company 536 17. Amendment in plaint 536 18. Amicus curiae appointed by Banking Court 536 19. Amicus curiae—appointment and report of 537 20. Appeal against interlocutory order 537 21. Appeal against interlocutory order of a Banking Court 537 22. Appeal against interlocutory order of Banking Court under S.22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 538 23. Appeal against judgment and decree of Banking Court 538 24. Appeal against order in leave application—maintainability of 539 25. Appeal under S. 22 of Financial Institutions (Recovery of Finances) Ordinance, 2001 539 26. Appeal—Limitation—Delay 539 27. Appellant availed financial facility from Bank against mortgage of property 540 28. Appellants/applicants applied for grant of succession certificate and Letter of administration 540 29. Application for appointment as Director of Insurance Company 540 30. Application for leave to appear and defend the suit 541 31. Application for leave to defend 542 32. Application for leave to defend—acceptance of 546 33. Application for leave to defend—adjudication of 547 34. Application for leave to defend—Banking documents 548 35. Application for leave to defend—dismissal of 548 36. Application for leave to defend—Statement of accounts 549 37. Application for postponement of sale of mortgaged property during execution proceedings 549 38. Application for recovery of Insurance amount 550 39. Application for rejection of plaint 550 40. Appreciation of evidence 551 41. Appreciation of evidence—Jurisdiction of Banking Courts 553 42. Approval letter—non-issuance of 554 43. Arrest and detention of judgment debtor 555 44. Assessment order—amendment of 555 45. Attachment before judgment 556 46. Auction of mortgaged property 556 47. Auction of mortgaged property by the Banking Court 557 48. Auction purchaser—rights of 558 49. Authority of a local government to levy taxes 559 50. Automatic conversion of decree into execution petition 559 B 51. Bail—refusal of 560 52. Bank guarantee—encashment of 561 53. Bank or Insurance guarantee 562 54. Bank record—seeking of 562 55. Banking Court decreed suit in favour of Bank 563 56. Banking Court granted pre-arrest bail to the accused 563 57. Banking Court—Customer 563 58. Banking Court—Jurisdiction of 564 59. Banking Court—Procedure 566 60. Banking licence—cancellation of 566 61. Banking Mohtasib (Ombudsman)—Non-judicial powers 567 62. Banking Mohtasib—jurisdiction of 567 63. Banking Mohtasib—proceedings against 569 64. Banking offence—Registration of case 570 65. BCD Circular No. 8 of 2013 570 66. Benami owner—declaration of 571 67. Bid—modification of 571 68. Binding nature of State Bank of Pakistan Circulars 572 69. Blacklisting and suspension of registration 572 70. Blacklisting of suppliers subsequent to transaction with taxpayer 573 71. Blank documents—Presumption 573 72. Books to be open to inspection—Public office and Public officer 574 73. Burglary policy—claim under 574 C 74. Calculation of cost of funds 575 75. Calculation of Liquidated Damages payable by Insurance Company on late settlement of claims 575 76. Cause of action—accrual of 576 77. Certification of Statement of Accounts 576 78. Chairman and directors of a company 577 79. Charging of interest by banks on loans given by them to the

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