SECP initiated winding up proceedings against 6 companies

The Securities and Exchange Commission of Pakistan (SECP), to safeguard interests of common public has initiated winding up proceedings against 6 companies, allegedly involved in illegal and unauthorized business activities.

These companies are M/s Memon Corporation (Private) Limited, M/s Pak Memon Impex (Private) Limited, M/s Neamat Ullaha & Amjad Javed and Company (Private) Limited, M/s Corporate Automobiles (Private) Limited and M/s Best Day Innovative Solutions (Private) Limited.

These companies are reportedly involved in the businesses of leasing of vehicles, properties, home appliances etc. without obtaining prior license from the SECP.

Besides these companies were carrying out investment and financing businesses by inducing unsuspecting customers of attractive returns in lieu of their investment.

Moreover, similar winding up proceedings have also 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 authorized Law Enforcement Agencies.

The SECP has initiated an extensive enforcement action against white good sellers and entities engaged in unauthorized business of leasing electronic goods in main commercial areas across country.

These companies were incorporated under the Companies Act, 2017, but were carrying on businesses prohibited/restricted by applicable laws, and against their respective objects as specified in their Memorandum of Association.

SECP initiated necessary legal proceedings / actions in all identified matters and authorized in-charge of relevant Company Registration Office to present a petition for wingding-up of all these companies before the Honorable High Courts.