According to the SECP, the Commission has displayed company name, company registration offices (CROs) number, countrywide sequential computer generated unique identification number (CUIN), and date of incorporation of the NPOs. Among the companies whose licences have been revoked, 135 companies belong to Islamabad; 46 Lahore; 73 Karachi; one Quetta; 12 Peshawar; 2 Sukkur; 4 Faisalabad and 7 companies belong to Multan.
On revocation of licence of a company under section 42 by the Commission, the company shall stop all its activities except the recovery of money owed to it, if any. The company shall not solicit or receive donations from any source and all the assets of the company after satisfaction of all debts and liabilities shall, in the manner as may be specified, be transferred to another company licensed under section 42, preferably having similar or identical objects to those of the company, within ninety days from the revocation of the licence or such extended period as may be allowed by the Commission, said the SECP.
Under Companies Act 2017, the Commission may at any time by order in writing, revoke a licence granted with such directions as it may deem fit, on being satisfied that the company or its management has failed to comply with any of the terms or conditions subject to which a licence is granted; or any of the requirements specified in sub-section (1) or any regulations made under this section are not me t or complied with.
The Commission may revoke licences in case the affairs of the company are conducted in a manner prejudicial to public interest; or the company has made a default in filing with the registrar its financial statements or annual returns for immediately preceding two consecutive financial years.
The company has acted against the interest, sovereignty and integrity of Pakistan, the security of the state and friendly relations with foreign states; or the number of members is reduced, below three; or the company is conceived or brought forth for, or is or has been carrying on, unlawful or fraudulent activities; or run and managed by persons who fail to maintain proper and true accounts or they commit fraud, misfeasance or malfeasance in relation to the company.
