The Securities and Exchange Commission of Pakistan (SECP) has revised criteria for renewal of licenses to NPOs/NGOs under Section 42 of the Companies Ordinance. According to a circular issued by the SECP, the Securities and Exchange Commission of Pakistan has partially modified its Circulars number 2 of 2015, 4 of 2015 and 5 of 2015, pertaining to the conditions and requirements for Renewal of licence under section 42 of the Companies Ordinance, 1984, in the following manner:
Firstly, a person shall not be considered as a fit and proper if any overdue/past due payment to a financial institution, irrespective of amount, is appearing in the overdue column of latest Credit Information Bureau (CIB) report of the person and of the companies, firms, sole proprietorship etc. where the person is a chief executive, director (other than nominee director), owner or partner etc. However, exception can only be provided in the following cases:
The amount overdue is under litigation- and the same is also appearing as amount under litigation in CIB report. No overdue payment appearing in the overdue column in the subsequent latest CIB report. The SECP has also notified the new prescribed affidavit.
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