Section 23 : Restriction on the nature of subsidiary companies
2005 SCMR 318 SUPREME-COURT
ADAMJEE INSURANCE COMPANY LIMITED VS MUSLIM COMMERCIAL BANK LIMITED
–S. 178—Banking Companies Ordinance (LVII of 1962) S.23–ÂInsurance Ordinance (XXXIX of 2000), S.67—Specific Relief Act (I of 1877), Ss.42 & 54—Civil Procedure Code (V of 1908), O.XXXIX, Rr.l & 2—Constitution of Pakistan (1973), Art.185(3)—?
2005 CLD 224 SUPREME-COURT
ADAMJEE INUSRANCE COMPANY LIMITED VS MUSLIM COMMERCIAL BANK LIMITED
—-S.178—Banking Companies Ordinance (LVII of 1962), S.23—Insurance Ordinance (XXXIX of 2000), S. 67—Specific Relief Act (1 of 18771. Ss. 42 & 54—Civil Procedure Code (V of 1908), O.XXXIX, Rr.1 & 2—Constitution of Pakistan (1973), Art.185(3)— ?
2005 CLD 224 SUPREME-COURT
ADAMJEE INUSRANCE COMPANY LIMITED and others VS MUSLIM COMMERCIAL BANK LIMITED and others
—–S.178—Banking Companies Ordinance (LVII of 1962), S.23—Insurance Ordinance (XXXIX of 2000), S. 67—Specific Relief Act (1 of 18771. Ss. 42 & 54—Civil Procedure Code (V of 1908), O.XXXIX, Rr.1 & 2—Constitution of Pakistan (1973), Art.185(3)– ?
2003 CLD 463 KARACHI-HIGH-COURT-SINDH
ADAMJEE INSURANCE COMPANY LIMITED VS MUSLIM COMMERCIAL BANK LIMITED, ISLAMABAD
Banking Companies Ordinance 1962 —-Ss.23(1) & 47—Insurance. Ordinance (XXXIX of 2000), S.68—Insurance Act (IV of 1938), S.35—Amogarnation of a Banking Company with any other company not having object similar to that of Banking company—Not permissible—Banking Company cannot form a subsidiary company for a purpose other than set out in S.23(1) of Banking Companies Ordinance, 1962—Arrrilgarnation of Insurance Company with a non-Insurance company not permissible—Objects of Banking ,Company and that of Insurance Company altogether different -and distinct, thus, neither of such companies can undertake business of other company—Amalgamation of such companies or forming of subsidiary company specifically prohibited under Banking Companies Ordinance, 1962 and Insurance Ordinance, 2000.