The Securities and Exchange Commission of Pakistan (SECP) has recently been notified that a misleading news item regarding M/s 3A Alliance (Pvt.) Limited appeared in a section of the press, which said that the registration of the company has been reinstated and the company has been allowed to work in Balochistan.
It is clarified that the aforesaid news item is fake and proceedings are being wound up against the company.
A show cause notice, under Section 301 read with Section 304 of the Companies Act, 2017, has been issued to the company and the fate of proceedings shall be decided in due course of time.
It is reiterated that the company is soliciting unauthorized deposits from the public as advances for purchase of motorcycles and offering huge profits on their deposits, through its franchise offices/service centers in Quetta.
The general public is, therefore, once again warned to be careful and not to be misled by any unlawful activity by the said company.
Secp took a very lenient action by issuing a showcause on such a serious matter. This company should be penalized and operations must be stop.