The Securities & Exchange Commission of Pakistan (SECP) has issued consolidated list of not-for-profit associations (309 companies) whose licences have been revoked by the SECP under section 42 (5) of the Companies Act, 2017 as on August 26, 2019. The updated list of revoked licences has been uploaded on the website of the Commission on Wednesday.
The SECP, in its drive against non-compliant companies, has revoked licences of not-for-profit companies, issued in pursuance of section 42 of the Companies Act, 2017. Till August 7, 2019, the Commission revoked licences of 303 not-for-profit associations (companies). More companies have been added in the list by the SECP.
The main reason for revocation of licences 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 had been dormant since incorporation. Upon revocation of licence, 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.