SECP issues show cause notice to Axact

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The Securities and Exchange Commission of Pakistan (SECP) on Wednesday issued a show cause notice to Karachi-based IT company Axact (Pvt) Limited regarding their ultra vire activities not authorised by its Memorandum of Association.

A statement of SECP said a show cause notice under Section 496 read with Section 476 of the Companies Ordinance, 1984, has been issued to the company. The main objects of the company are to carry on business of import and export of software and related matters, it said.

Another notice for calling information in terms of Section 261 of the Companies Ordinance, 1984 has been issued to Axact and all its associated companies.

The SECP has also provided all the relevant facts/information of Axact and its associated companies available on its record to Federal Investigation Agency (FIA) following the constitution of a committee to investigate company’s affairs.

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