The Securities & Exchange Commission of Pakistan, in its drive against non-compliant companies, has revoked licenses of thirteen ‘not for profit’ companies, during the quarter that ended on June 30, 2019.
The main reason for the revocation of licenses of these companies is that they are non-compliant to the statutory requirements of the law i.e. filing of accounts and annual returns. Some of them were dormant since incorporation.
The SECP has issued a consolidated list of not for profit associations (303 companies) whose license has been revoked by the SECP under section 42 (5) of the companies act, 2017 as on August 7.
Upon revocation of license, these companies have to follow the procedure for their winding up voluntarily and in case of no assets and liabilities they have to apply for removing their names off the register of the companies in terms of section 43 of the Companies Act, 2017 read with the Associations with Charitable and Not for Profit Objects Regulations, 2018.
The latest list of revoked licenses is available on the website of the commission.