The Securities and Exchange Commission of Pakistan (SECP) has declared Natover Lease and Refinance Limited (NLRL) as a sick non-banking finance company and suspended its shares trading on stock exchanges.
SECP Spokesman Imran Ghaznavi said here on Monday that the decision has been taken in view of the precarious financial position of the company revealed by an inspection team of the Commission. The SECP has exercised powers conferred under section 282N of the Companies Ordinance, 1984 to implement the decision.
He said the SECP has already superseded its chief executive officer and board of directors under the provisions of Section 282E and F of the Companies Ordinance, 1984 by appointing an administrator to manage the affairs of NLRL. Moreover, the Commission has suspended the trading in the shares of NLRL on stock exchanges and has cancelled its deposit-taking license.
The SECP is now in the process of inviting expression of interests (EoIs) from the interested parties for the rehabilitation of the Natover Lease and Refinance Limited. The regulatory actions initiated by the Commission have been taken with the intent to protect the interest of general public, depositors, and other stakeholders of NLRL, the spokesman added.
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