The Securities and Exchange Commission of Pakistan has revoked the licenses of 22 not-for-profit companies in the first quarter of the current fiscal year, a press statement by the commission stated.
The licenses were revoked for non-compliant of statutory requirements, such as non-filing of financial statements and annual returns.
Some of them were dormant since incorporation.
These companies were licensed under Section 42 of the Companies Act.
Upon revocation of the licenses, these companies now have to follow the procedure of winding up voluntarily and in case of having no assets and liabilities, apply for striking their names off the register of the companies.
The latest list of companies whose licenses have been revoked is available on SECP’s website. You can see it here.