SECP takes ac­tion against 23 INGOs

The Pak Banker - - NATIONAL -

Se­cu­ri­ties and Ex­change Com­mis­sion of Pak­istan (SECP) has ini­ti­ated ac­tion against 23 in­ter­na­tional NGOs (INGOs) to strike their names off the register of com­pa­nies.

A state­ment is­sued by SECP here Fri­day said the ac­tion was taken in line with the Na­tional Ac­tion Plan to scru­ti­nize work­ing and ac­counts of lo­cal and for­eign NGOs. These IBGOs have failed to file their au­dited ac­counts de­spite sev­eral no­tices and there­fore are pre­sumed to be dor­mant, it added. At present, 33 INGOs are reg­is­tered with SECP and show- cause no­tices were is­sued to all de­fault­ing INGOs that have not filed an­nual ac­counts and other re­quired re­turns.

In re­sponse to no­tices, 23 INGOs were found non-com­pli­ant. Now, le­gal ac­tion in terms of sec­tion 439 of the 1984 Com­pa­nies Or­di­nance to strike names of these INGOs off the register of com­pa­nies has been ini­ti­ated, it added. Upon com­ple­tion of process, the names of these INGOs will be struck off the register.

The list of de­fault­ing INGOs has been shared with the Eco­nomic Af­fairs Di­vi­sion and Min­istry of In­te­rior for their in­for­ma­tion and any pos­si­ble ac­tion against them. Be­sides, a high level com­mit­tee formed by the gov­ern­ment has de­lib­er­ated on new pol­icy for reg­is­tra­tion and mon­i­tor­ing of INGOs. It is ex­pected that it would re­quire sign­ing of MoUs be­tween INGOs and the Min­istry of In­te­rior.

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