The Securities and Exchange Commission of Pakistan (SECP) has revoked licenses of 108 defaulter (not for profit) companies registered with the SECP.
The licensed organisations 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 – 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 licences 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.