SECP takes action against 23 INGOs

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.