After strict monitoring of non-profit companies operating in Pakistan, the government cancelled licenses of 10 not-for-profit associations (companies) during August 2019. The Securities and Exchange of Commission of Pakistan has issued a consolidated list of "not-for-profit associations" (companies) whose licenses have been revoked by the SECP under section 42 (5) of the Companies Act, 2017 as on September 2, 2019.
During August 2019, the SECP list revealed that the commission has revoked licenses of Polaris Leaders, Foundation for Faizan Aulia Pakistan, Al Mustafa Educational Network, Agrihealth Association, Malnutrition Care Foundation, Hopian Foundation, Center for Sustainability and Governance, Care Plus Welfare Organization, A Hakim Siddiqui Foundation, and Come Foundation.
Five NGOs belong to Islamabad, three are from Lahore and two belong to Karachi whose licenses have been revoked by the SECP.
So far, the SECP has revoked licenses of 311 not-for-profit associations (companies).
The SECP said that the main reason for revocation of licenses of these companies is that they are non-compliant with the statutory requirements of the law i.e. filing of accounts and annual returns. Some of them had been 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.
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