SECP Deletes Hundreds of Companies From Its Database

The Securities and Exchange Commission of Pakistan (SECP) has dissolved hundreds of companies that are not carrying out any business while deleting their names from its database. According to 11 notifications issued by the SECP during the last five months, the Chief Executive and directors of the said companies have furnished declarations to the effect that these companies have no assets and liabilities and are not carrying on any business and have no liabilities outstanding in relation to any loans obtained from banks, financial institution, taxes, utility charges or any obligations towards any government department or private parties. The statements given in the declarations have been certified by the auditors/practicing chartered accountants. The Commission has stated that the names of these companies have been struck off from its register.