The Pakistan Securities and Exchange Commission revoked the licenses of 22 non-profit organizations & # 39; for not providing financial details, a press release from the Commission said on Wednesday.
According to the press release, the licenses to operate were canceled under the Companies Act of 2017, which required that they present a statement of accounts to the Commission for the first financial quarter (July-September) of the year 2019-20.
Some of the organizations had not worked since their registration, the press release added.
Organizations will now have to follow the course of the law and voluntarily liquidate the company, said SECP.
Under the law, if an organization does not have assets and liabilities, it will have to request to remove its name from the business registry under Section 43 of the 2017 Companies Act, read with the Regulations of Associations with Charitable and Non-Profit Profit 2018.
Below is a list of the 22 organizations whose licenses were revoked:
In August, the licenses of 13 NPOs were revoked for non-compliance with legal requirements, including filing of accounts and tax returns. At that time, the revocation had raised the number of NPOs eliminated to 303.
Source: https://www.dawn.com/news/1508587/secp-revokes-licences-of-22-not-for-profit-companies-over-failure-to-provide-financial-details