SECP Revokes Licenses of 22 Non-Profit Companies Due to Non-Compliance

October 3, 2019 Off By Web Desk

The Securities and Exchange Commission of Pakistan (SECP), in continuation of its enforcement drive against non-compliant companies, has revoked licenses of twenty-two not-for-profit companies during the first quarter of the current fiscal year.

According to the press release, the licenses were revoked for non-compliance of statutory requirements i.e. not filing financial statements and annual returns.

Some of these companies had remained dormant since incorporation.

Furthermore, the SECP added that upon revocation of licenses, these companies will now have to begin the winding-up procedure voluntarily. And if the company does not have sufficient assets and liabilities, their names will be struck off the register of companies in accordance with the terms of section 43 of the Companies Act, 2017 read with the Associations with Charitable and Not for Profit Objects Regulations, 2018.

Source; Pro Pakistani