SECP to Remove Over 200 Companies From Official Records

The Securities and Exchange Commission of Pakistan has published a list of more than 200 companies whose names are set to be struck off the corporate register, effectively dissolving them unless objections are raised within ninety days. According to the notices issued by the SECP, these companies applied for removal under Section 426 of the Companies Act 2017 and the Companies Easy Exit Regulations 2014. The notices were released on the request of the companies through the advertisements section for corporate bodies and private individuals. The SECP stated that the chief executives and directors of the listed firms have submitted formal declarations confirming that they have no assets or liabilities, are not carrying out any business activity, and owe no dues to banks, financial institutions, government departments, utilities, or private parties. These declarations were certified by auditors and practicing chartered accountants. Under Sections 425 and 426 of the Companies Act, the SECP has now invited objections. If no cause is shown within ninety days from the date of the notice, the names of these companies will be struck off the register and they will be considered dissolved. The regulator said the process is being undertaken strictly in line with the law governing the voluntary exit of dormant entities.