Securities and Exchange Commission of Pakistan revokes licenses of 108 not for profit companies : AsiaNet-Pakistan

Securities and Exchange Commission of Pakistan revokes licenses of 108 not for profit companies

April 6, 2015 | General Business News | Share:

Islamabad, April 06, 2015 (PPI-OT): The Securities and Exchange Commission of Pakistan (SECP) in exercise of powers under section 42 (4) of the Companies Ordinance, 1984 has revoked licence of 108 defaulter (Not for profit) companies registered with the SECP under section 42 of the Ordinance 1984. The licensed organizations are under obligation to comply with the conditions of licence granted to them as well as other requirements applicable under the relevant provisions of law.

In view of the problem of terrorism facing the country, it had been decided that the SECP shall revalidate /renew the licences of Section 42 companies registered with the Commission. Accordingly the Commission had launched a comprehensive effort w.e.f January 1, 2015 against such Companies and instructions were issued to all concerned for compliance.

In the first stage show cause notices to 136 defaulter companies who had neither filed any accounts, nor applied for renewal of Licence during the last 05 years had been initiated duly providing them an opportunity of hearing and after detailed scrutiny of each case. The Commission has finally revoked licence of 108 companies, while the remaining shall be dealt- with shortly.

The list of such companies has also been placed on the SECP’s website for general information to all stake holders. The concerned Registrars of the Company Registration Offices have been instructed to initiate legal proceedings in terms of section 439 of the Companies Ordinance, 1984 to strike off the name of such companies of the register.

For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)
Fax: +92-51-9206459
Cell: +92-302-8552254
E-mail: shakil.chaudhary@secp.gov.pk
Website: www.secp.gov.pk

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Category: General Business News