A total of 22,000 companies registered with the Securities and Exchange Commission of Pakistan (SECP) are dormant - not carrying out any business activity. During an interactive session with the media here on Thursday at the SECP Headquarters, SECP officials said that out of 62,000 companies registered with the SECP, 40,000 are active.
The SECP is taking appropriate measures under the laws to deal with the dormant companies which are at present not conducting any business in Pakistan. The SECP is issuing notices to such dormant companies for de-registration. The process of winding up of companies has also been adopted wherever necessary. The SECP from time to time issues the Companies Easy Exit Scheme (CEES) to benefit from the facility, if the company is defunct, not doing any business or not in operation and intends to cease its existence. The CEES allows the companies like private and public unlisted companies having no assets or liabilities and not doing any business to avail the easy exit facility without undergoing cumbersome winding up procedure.
In a presentation, Muhammad Jamil Aamir of SECP Registration department explained the companies' registration process under the Companies Ordinance. He also explained the different types of companies and their process of registration under the SECP laws.
Jamil Aamir also explained in detail the whole process of applying for registration and selection of names of companies for speedy registration process under relevant laws. Responding to a query on NGOs regulations, SECP officials said that at present nearly 0.6 million NGOs are operating in the country. There is a need to regulate foreign funded NGOs to check any kind of involvement in anti-state activities. Official referred to Balochistan where activities of foreign funded NGOs needs to be strictly regulated and monitored.
In India, the regulations for the NGOs are very strict and are regulated as per the law, they added. The Foreign Contribution Regulation Act would play an important role in checking the activities of the foreign funded NGOs in Pakistan. The role of the SECP would be enhanced under the Foreign Contribution Regulation Act for monitoring the NGOs activities, they added.
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