SECP issues sanction for filing winding-up petition viz two Cos

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SECP

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP), while carrying out its functions in an effective and efficient manner, identified that Pak Memon Impex (Private) Limited and Memon Corporation (Private) Limited have been involved in unlawful and restricted businesses of leasing of vehicles, houses, electronics etc., carrying out investment and financing businesses by paying attractive returns to customers in lieu of their investment and through accepting a specified percentage as principal amount / down payment and financing the remaining payable amount for five years through leasing plans.
In Pakistan, carrying out these activities / businesses are prohibited and restricted in terms of Section 282C of the Companies Ordinance, 1984 (Ordinance) read with Section 509 of the Companies Act, 2017 (Act) and can only be performed after getting valid license from regulatory authorities and in a manner as prescribed by these authorities at the time of allowing such businesses.
Accordingly, in March 2019 winding-up proceedings were initiated against these companies in terms of Sub-clause (ii) of Clause (g) of Section 301 of the Act, which have now been authorized through issuance of sanction to relevant Additional Registrar of Companies to present a petition for winding-up of these companies before the Honorable High Courts.
General public is hereby cautioned and advised not to be misled by such schemes, which are offering hefty profits and incentives. SECP issues this warning to safeguard the interest of the stakeholders, who are dealing with these companies in such transactions, which are indeed restricted in terms of Section 282C of the Ordinance read with Section 509 of the Act.
Moreover, SECP invites attention that mere registering of an entity as private or public limited company etc. does not authorize the sponsors and directors of these companies to get involve in unauthorized, unlawful and restricted activities.