ISLAMABAD: To protect the general public from unlawful/illegal activities being carried out by various companies, the Securities and Exchange Commission of Pakistan (SECP) frequently issues public warnings advising the general public to refrain from investing in any fraudulent investment schemes.
SECP has noticed that below listed companies through their online platforms/websites are involved in illegal schemes regarding fractionalization of real estate assets and are selling those fractions to public at large.
None of these platforms have the approval for performing this function under the sandbox regulatory regime of the SECP. In terms of section 87(2) of the Securities Act, 2015, no person can sell securities to the public without prior approval of the SECP. Unlawful activity is a ground for winding up of such companies under section 301 of the Companies Act, 2017.
While SECP has initiated legal action/adopted legal course, against these entities for carrying unauthorized/illegal business activities, it is deemed appropriate to alert the public against possible misuse of registration status of the companies to mislead them. The general public, in their best interest, is advised to refrain from investing their hard-earned money into any unauthorized schemes.
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Xstate Technologies (Private) Limited Company Xstate Beta https://www.xstate.com
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Beacon Marketing (Private) Limited Beacon crowd https://beaconcrowd.com
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International Hospitality Investment Group (Private) Ltd IHIG fractions https://ihigfractions.com
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Dao Proptech (Private) Limited DAO PROPTECH https://daoproptech.com
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Neo Cassa (Private) Limited
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Copyright Business Recorder, 2021
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