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SECP starts winding up proceedings against six companies

The Securities and Exchange Commission of Pakistan has initiated winding up proceedings against six companies allegedly involved in illegal and unauthorised business activities.  

These private companies are: Memon Corporation, Pak Memon Impex, Neamat Ullaha Amjad Javed and Company, Corporate Automobiles and Best Day Innovative Solutions.

They are reportedly involved in the businesses of leasing of vehicles, properties, home appliances etc, without obtaining prior license from the SECP, a statement issued by the commission said Monday. Besides this, the companies were carrying out investment and financing businesses by inducing unsuspecting customers of attractive returns in lieu of their investment, SECP said.

Similar proceedings have been initiated against Fact Finders (Private) Limited.  This company is reportedly involved in carrying out prohibited activities, having security implications, which can only be performed by authorised law enforcement agencies, the statement read.

It said that these companies were incorporated under the Companies Act, 2017, but were carrying on businesses prohibited or restricted by applicable laws.

The SECP cautioned people that just getting a company registered with them does not authorise a company, sponsors and directors to conduct business of leasing, Modarba or take funds from the public on profit sharing basis and provide returns.

“All such activities can only be conducted after getting an appropriate license from SECP. The public is advised in their own interest to conduct due diligence before entering into any transaction of leasing or investing funds with companies, that the company is duly authorized or licensed by the SECP and SBP to conduct such business,” the statement advised.

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Article source: https://www.samaa.tv/economy/2019/11/secp-starts-winding-up-proceedings-against-six-companies/

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