The Securities and Exchange Commission of Pakistan (SECP) has revoked Licences of 264 'not-for-profit' companies under section 42(5) of the Companies Act 2017. Sources told Business Recorder that the SECP has issued a consolidated list of 'not-for-profit' (companies) whose licences have been revoked by the commission under section 42(5) of the Companies Act 2017, as on July 3, 2018.
The section 42 of the Companies Act is related to the licensing of associations with charitable and not for profit objects. Under the said provisions of law, the Commission may at any time by order in writing, revoke a license granted, with such directions as it may deem fit, on being satisfied that the company or its management has failed to comply with any of the terms or conditions subject to which a license is granted or any of the requirements specified or any regulations are not met or complied with.
The SECP can also revoke license in case the affairs of the company are conducted in a manner prejudicial to public interest or the company has made a default in filing with the registrar its financial statements or annual returns for immediately preceding two consecutive financial years. The SECP can also revoke license in case the company has acted against the interest, sovereignty and integrity of Pakistan, the security of the State and friendly relations with foreign States or the number of members is reduced, below three.
The SECP is legally empowered to revoke license in case the company is conceived or brought forth for, or is or has been carrying on, unlawful or fraudulent activities or run and managed by persons who fail to maintain proper and true accounts or they commit fraud, misfeasance or malfeasance in relation to the company.
The SECP can also revoke license if company run and managed by persons who are involved in terrorist financing or money laundering or managed by persons who refuse to act according to the requirements of the memorandum or articles or the provisions of this Act or failed to carry out the directions or decisions of the Commission or the registrar given in exercise of the powers conferred by Companies Act. The SECP can also revoke license if company is not carrying on its business or is not in operation for one year.
The SECP can also revoke license of a company if it is just and equitable that the license should be revoked, SECP added. Provided that before a license is so revoked, the Commission shall give to the company a notice, in writing of its intention to do so, and shall afford the company an opportunity to be heard.
Following is the consolidated list of 'not-for-profit' (companies), issued by the SECP, whose licenses have been revoked by the commission under section 42(5) of the Companies Act 2017, as on July 3, 2018: Abdul Foundation (Karachi); Agro-Forestry Foundation For Poverty Alleviation (Lahore); Akbar Zubaidah Guni Foundation (Islamabad); Akhtar A Awan Foundation (Lahore); Al-Khaliq Foundation (Quetta); All Pakistan Kite Flying Association (Lahore); Allied Foundation (Karachi); Ansari Welfare Foundation of Pakistan (Islamabad); Asian Human Rights Development Organization (Islamabad); Association for Fair Trade in Pakistan (Islamabad); Association of Chinese Enterprises in Pakistan (Islamabad); Averroes foundation (Islamabad); Bilawal Foundation (Islamabad); Centre for Policy Alternatives (Islamabad); Chaudhry Mohammad Ali Foundation (Islamabad); Cinema Owners Foundation (Lahore); Citizen Community Coordination for Development (Peshawar); Clay Pigeon Shooting Association of Pakistan (Lahore); Climax Foundation (Lahore); Community Life Network (Islamabad); Comprehensive Disaster Response Services (Islamabad); Cupola Cares Foundation (Karachi); Da Rorr Lass (Peshawar); Darul Islam al-Khairyia foundation (Lahore); Development Assistance Network (Islamabad); Dhai Education foundation (Islamabad); Dosti Development Foundation (Peshawar); Dr. Shaukat Haroon Foundation (Islamabad); Earlsfield foundation (Lahore); Educacy Foundation (Islamabad); Engineers Foundation (Islamabad); Environment Watch (Islamabad); foundation for Intellectual Property, Awareness & Research (Islamabad); Foundation for Socioeconomic Empowerment and Development (Islamabad); Friends Humanity Trust (Lahore); Funds for Inclusion of People with Disabilities (Islamabad); Gadoon Amazai Rural Area Support Program (Peshawar); Global Organization for Human Empowerment and Rights (Multan); Global Research Foundation (Islamabad); Global Resources for Social Development (Peshawar); Golf Players Association (Lahore); Green view Foundation(Karachi); Habib Foundation (Karachi); Hazrat Khadijah Sadia Education Foundation (Lahore); Helms Foundation (Lahore); Helpcounts Foundation (Islamabad); Hina and Nayha Disaster Services, Pakistan (Islamabad); Hospital Waste Management (Lahore); Hum Loge (Lahore); Human Aid Focus (Islamabad); Human Infrastructure Development Program (Islamabad); Human Relief Organization (Islamabad); Human Rights Foundation (Lahore); Human Safety Foundation (Sukkur); Humanity Care Stiftung (Lahore); Hum-Qadam Foundation (Islamabad); Idarah Taamir E Millat (Lahore); Idrak (Peshawar); Iki Human Welfare Foundation (Islamabad); Institute of Chartered of Chartered Secretaries & Managers (Karachi); Institute of Marketing Management (Karachi); Institute of Social Analysis and Research (Islamabad); Institute of Surveyors and Loss Adjustors of Pakistan (Karachi); Institute of Taxation Management (Karachi); Islamic Welfare Foundation (Lahore); Jamil Malik Foundation (Islamabad); Javed Tariq Memorial Trust (Islamabad); Karachi Chamber Hospital (Karachi); Karachi Cricket Association (Karachi); Kassim Dada Education & Welfare Foundation (Karachi); Kurram Rural Support Organization (Peshawar); Livestock Breeders & Dairy Farmers Association (Multan), Manzil Foundation (Islamabad); Mass Development Foundation (Islamabad); McManus Naru Trust (Faisalabad); Metupak foundation (Islamabad); Mian Ghulam Nabi Trust (Lahore); Mission Unto Light (Islamabad); Mohsin Foundation (Islamabad); Mohtarma Channabai of Chakora memorial (Charitable) Trust (Islamabad); Mullach Forest and community Development Organization(Islamabad); Naseem Hijazi Social Development Network (Islamabad); National Institute of WTO & International Trade Laws (Islamabad); Nawab Farid Khan Development Foundation (Islamabad); Nazariya Pakistan Council (Islamabad); Nishtar Medical Foundation (Multan) Noor-e-Jahan (Islamabad); Orco Foundation (Lahore); Organization for Rehabilitation of Disabled persons (Islamabad); Pakistan Agro Culture and Environment Foundation (Peshawar); Pakistan Aids Control Federation (Islamabad); Pakistan Association for free flying (Islamabad); Pakistan Compliance Initiative (Islamabad); Pakistan Cricket Council for the Blind (Islamabad); Pakistan Education Alliance (Islamabad); Pakistan heart Foundation (Lahore); Pakistan Horse Breeders Association (Lahore); Pakistan Horse Breeders, Equestrian and Racing Foundation (Islamabad); Pakistan Institute of Fashion and Design (Lahore); Pakistan Markazi Anjuman Rajputana (Lahore); Pakistan Rural Support Project (Islamabad); Pakistan Scrabblers Association (Karachi); Parwaz Foundation (Lahore); Peace and Development Foundation (Islamabad); Peace Education Foundation (Islamabad); Pepsi Foundation Pakistan (Lahore); Pmks Foundation (Islamabad); Presbyterian Property Trust in Pakistan (Lahore); Psy Foundation (Islamabad); Punjtan Pak Welfare Trust (Lahore); Rana Mohammad Sarwar Khan Trust (Lahore); Rashida Muhammad Ali Foundation (Faisalabad); Rawalpindi Islamabad Customs Agents Association (Islamabad); Riffah Foundation (Islamabad); Roshni Foundation (Islamabad); Safe Hands (Islamabad); Safwan Foundation(Islamabad); Saiban Community Foundation (Lahore); Sarwar Foundation (Faisalabad); Shaheed Zulfiqar Ali Bhutto Foundation (Islamabad); Social and Moral Awareness for Youth (Islamabad); Sports Development Foundation (Islamabad); Sufna Foundation (Lahore); Sultanul Arfeen Development Network (Lahore); Support for Health and Development Endeavors (Islamabad); Surveyors & Adjusters Association of Pakistan (Karachi); Synergy for Health & Education (Islamabad); The Education Foundation (Karachi); The Gul Rano Foundation (Islamabad); The Iqbal International Institute for Research, Education and Dialogue (Islamabad); The Karam Bakhsh Awan Trust (Islamabad); Ultrasound Society of Pakistan (Karachi); Umeed Foundation (Islamabad); Watan Foundation (Islamabad); Wildlife Rehabilitation Foundation (Islamabad); Wrt Foundation (Islamabad); Zulfiqar Ali Bhutto Sports Foundation (Karachi); A.N.K Rana Foundation (Lahore) Agriculture& Livestock Training Foundation (Islamabad); Al Amanah Foundation (Islamabad); Awaze Dil Foundation (Karachi); Center For Change (Islamabad); Center for Cultural Dialogue & Research (Islamabad); Conservation and Hunting Association of Pakistan (Lahore); Darmaan Welfare Foundation (Islamabad); Farz Foundation (Lahore); First Step Foundation (Islamabad); Foundation for Research and Socio Ecological Harmony (Islamabad); Furqan Education Foundation (Islamabad); German Shepherd Dog Club of Pakistan (Islamabad); Global Foundation for SME Cluster Development (Lahore); Gul e-Arzu Development Organization (Islamabad); Insan Foundation (Multan); Kohsar Progressive Foundation (Islamabad); Let's Serve Humanity (Islamabad); Madad Foundation (Karachi); Nasra Sattar Foundation (Islamabad); Pakistan Institute of Cost and Contracts (Lahore); Passenger Welfare Foundation (Islamabad); Paving Raths Foundation (Islamabad); Pehchan (Islamabad); Al-Riaz Foundation (Karachi); Anjuman-e-Kakezaian Karachi(Pak) (Karachi); Asian Institute of Trade and Development (Islamabad); Association of Road Users of Pakistan (Karachi); Baloch Welfare Association of Pakistan (Karachi); BSA Foundation (Karachi); Chiragh Taj Association (Karachi); Consumers Foundation (Karachi); Federation of Chiniot Community (Karachi); Friends Sans Frontiers (Karachi); Grey Group Foundation (Karachi); International Centre for Science Technology (Karachi); Karasons Foundation (Karachi); Kassim Foundation (Karachi); Medicaid Foundation (Karachi); Mohammed Ahmed Rangoonwala Foundation (Karachi); Motamar Foundation (Karachi); MSJ Research Institute (Karachi); Muslim Institute (Karachi); National Literacy Foundation (Karachi); Pakistan Association of Credit management (Karachi); Pakistan Deaf Sports Council (Karachi); Pakistan Eye Foundation (Karachi); Pakistan General Hawkers Union (Karachi); Pakistan Hong Kong Business Forum (Karachi); Pakistan Institute of City & Regional Planning (Karachi); Pakistan Jockeys Associations Limited (Karachi); Petroleum Foundation (Karachi); Polka Foundation (Karachi); Professional Education Foundation (Karachi); Safi Qureshi Foundation (Karachi); Sharfe Hayat Foundation (Karachi); Shikaris Association (Karachi); Sultan Mohammad Shah Foundation (Karachi); The Haven Foundation (Karachi); The Solar Energy Awareness Society (Karachi); Trade & Transport Facilitation Council (Karachi); United Relief And Development Foundation (Karachi); Vera Foundation (Karachi); Yadgare Husaini Council (Karachi); Yaqeen Education Foundation (Karachi); Young Men's Christian Association (Karachi); Zaidi Abid Foundation (Karachi); Pine Rural Area Development Organization (Peshawar); Radio Livestock Pakistan (Islamabad); White Crescent Foundation (Islamabad); Zakria Foundation (Karachi); Mairaj Foundation (Islamabad); Prime Minister's Education Endowment Fund for Balochistan (Islamabad); Genco Employees Housing Foundation (Sukkur); FATA Rural Support Programme (Islamabad); Abdul Sattar Foundation (Islamabad); Radiance Welfare Foundation (Islamabad); Malakand Welfare Association (Peshawar); Nafees Foundation (Islamabad); Research Institute of Natural Resources of Pakistan (Lahore); Benazirabad Industrial Estate Development and Management Company (Karachi); Al-Jehan Welfare Foundation (Lahore); Asian Society of Neurological Surgeons (Lahore); Pakistan Youth Alliance (Islamabad); The Institute of Internal Auditors Pakistan (Lahore); The Competitiveness Support Funds (CSF) (Islamabad); Aasarae Adal O Noor (Islamabad); Arshad Welfare Association (Faisalabad); CNFA Pakistan Centre for Enterrise and Development (Islamabad); Victim Assistance Foundation (Karachi); The Mind Sports Association of Pakistan (Karachi); Buksh Foundation (Lahore); Computer Society of Pakistan (Karachi); Interfaith Harmony International (Islamabad); Hum Pakistani Foundation (Lahore); Association for Sustainable Integrated Development (Peshawar); Sindh Industrial Trading Estates Limited (Karachi); Social Development Enterprise (Islamabad); Sleep Research Foundation (Islamabad); Develpyst (Islamabad); Developmental Initiative and Empowerment Axis (Islamabad); Dhaka Ahsania Mission Pakistan (Islamabad); Saba Khidmat Foundation (Islamabad); Governance Support Initiative (Islamabad); Saba Orphanage Foundation (Islamabad); Relief Pakistan (Islamabad); Alfauz Welfare Foundation (Multan); The one Foundation (Islamabad); TVO Social Link (Islamabad); Halaal Foundation (Karachi); Pashuma Health Foundation (Islamabad); HKS Foundation (Islamabad); Federal Liver Transplant Endowment Fund (Islamabad); Belous Foundation (Islamabad); Urology and Transplantation Foundation (Islamabad); A Better Life (Islamabad); Umeed Rural Development Organization (Peshawar) and Missal Foundation (Islamabad).
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