SECP revokes licences of 22 'not-for-profit' companies over failure to provide financial details

Published October 2, 2019
Some of the organisations had remained non-functional since their registration. — AFP/File
Some of the organisations had remained non-functional since their registration. — AFP/File

The Securities and Exchange Commission of Pakistan has revoked the licences of 22 'not-for-profit' organisations for failing to provide financial details, a press release by the Commission said on Wednesday.

According to the press release, the licences to operate were cancelled under the Companies Act, 2017, which necessitated that they provide a statement of accounts to the Commission for the first financial quarter (July-September) of the year 2019-20.

Some of the organisations had remained non-functional since their registration, the press release added.

The organisations will now have to follow the course of law and voluntarily wind up the company, said the SECP.

As per the law, if an organisation has no assets and liabilities, it will have to apply for taking its name off the register of companies under Section 43 of the Companies Act, 2017, read with the Associations with Charitable and Not for Profit Objects Regulations, 2018.

A list of the 22 organisations whose licences were revoked is given below:

In August, the licences of 13 NPOs were revoked over non-compliance with statutory requirements, including filing of accounts and tax returns. At the time, the revocation had raised the number of NPOs delisted to 303.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.