ISLAMABAD (Neo Web Desk) In line with the National Action Plan (NAP) to scrutinise the work and accounts of local and foreign Non-Governmental Organisations (NGOs), the Securities and Exchange Commission of Pakistan (SECP) has taken action against 23 international NGOs (INGOs) to strike their names off the list of registered companies.The companies have failed to file their audited accounts despite several notices, and therefore are presumed to be dormant.At present, 33 INGOs are registered with SECP. In this regard, show-cause notices were issued to all defaulting INGOs, which have not filed annual accounts and other required returns. In response to the notices, 23 INGOs were found non-compliant.Currently, legal action in accordance with section 439 of the Companies Ordinance, 1984 to strike the names of these INGOs off the list of companies is under way. Upon completion of the process, the names of these INGOs will be struck off the register of companies.The list of defaulting INGOs has been shared with the Economic Affairs Division (EAD) and the Ministry of Interior for their information and any possible action against them.Moreover, a high level committee formed by the government has deliberated on a new policy for registration and monitoring of INGOs. It is expected that signing of MoUs between the INGOs and the Ministry of Interior will be required. Registration of INGOs would involve submission of electronic application and forms to the ministry.Previously, the policy required registration with the EAD through an MoU, but lacked detailed information.
SECP takes action against 23 INGOs
August 7, 2015 no comments