July 13, 2015
News
SECP initiates action against 23 defaulting INGOs
INPISLAMABAD - The Securities and Exchange Commission of Pakistan (SECP) has initiated action against 23 international non-governmental organisations (INGOs) to strike them off the register of companies.
The aforementioned INGOs had failed to file their audited accounts despite several notices and therefore were presumed to be dormant. The SECP’s exercise to scrutinise the working and accounts of local NGOs had been extended to INGOs.
In this regard, show-cause notices were issued to all INGOs that had not filed annual accounts and other overdue returns with the relevant registrars.
Based on response of the INGOs regarding these notices and the record already available with the SECP, the state of compliance of the INGOs had remained unsatisfactory.
Out of the total 33 INGOs registered with the SECP as foreign companies, 23 were found delinquent. The SECP had approved action in terms of section 439 of the 1984 Companies Ordinance to strike names of these INGOs off the register of companies.
The list of defaulting INGOs had already been shared with the Economic Affairs Division and the Interior Ministry for information and necessary action.
Courtesy www.dailytimes.com.pk