KARACHI, May 25: Head of PPP Parliamentarians' Economic Co-ordination Committee and member of National Assembly Syed Naveed Qamar on Tuesday opposed the move to enable Muslim Commercial Bank to take over the Adamjee Insurance Company.

Addressing a news conference, he termed it a violation of section 23 of the Banking Company Ordinance 1962 which envisaged that no banking company shall hold shares in any company of an amount exceeding 30 percent of paid up share capital of that company.

He was critical of NAB's silence over the alleged transaction as well. Mr Qamar also cited section 15A of the Securities and Exchange Ordinance 1969 which stated that "no person who is, or has been, at anytime during the preceding six months associated with a company shall, directly or indirectly, deal on a stock exchange in any listed securities of that or any other company or cause any other person to deal in securities of such a company, if he has information which is generally not available, would, if it were so available, be likely to materially affect prices of those securities; or relates to any transaction (actual or contemplated) involving such company.