October 2, 2019: The Securities and Exchange Commission of Pakistan (SECP), in continuation of its enforcement drive against non-compliant companies has revoked licenses of twenty-two (22) not for profit companies during the first quarter of current fiscal year.
The licenses were revoked for non-compliant of statutory requirements i.e. non-filing of financial statements and annual returns. Some of them were dormant since incorporation.
Upon revocation of license, these companies have to follow the procedure for their winding up voluntarily and in case of having no assets and liabilities they shall apply for striking 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The latest list of companies whose licenses have been revoked by SECP under section 42 of the Companies Act, is available on SECP’s website.