The Securities & Exchange Commission of Pakistan (SECP) has cancelled licenses of three not-for-profit associations in September 2019, taking the total to 318 companies whose licenses have been revoked by the SECP under section 42 (5) of the Companies Act, 2017.
The updated list of revoked licenses was uploaded on the website of the Commission on Wednesday. According to the SECP, the licenses of AAS Development Foundation, MOH and Children's Literature Festival have been revoked by the SECP.
The SECP has issued consolidated list of not-for-profit associations (318 companies) whose licenses have been revoked by the SECP under section 42 (5) of the Companies Act, 2017 as on September 2019. The main reason for revocation of licenses of these companies is that they are non-compliant to the statutory requirements of the law ie 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.