SECP issues sanction for filing of winding-up petition under the Companies Act, 2017 in respect of Pak Memon Impex (Private) Limited and Memon Corporation (Private) Limited

ISLAMABAD, July 29: Securities and Exchange Commission of Pakistan (SECP), while carrying out its functions in an effective and efficient manner, identified that Pak Memon Impex (Private) Limited and Memon Corporation (Private) Limited have been involved in unlawful and restricted businesses of leasing of vehicles, houses, electronics etc., carrying out investment and financing businesses by paying attractive returns to customers in lieu of their investment and through accepting a specified percentage as principal amount / down payment and financing the remaining payable amount for five years through leasing plans. In Pakistan, carrying out these activities / businesses are prohibited and restricted in terms of Section 282C of the Companies Ordinance, 1984 (Ordinance) read with Section 509 of the Companies Act, 2017 (Act) and can only be performed after getting valid license from regulatory authorities and in a manner as prescribed by these authorities at the time of allowing such businesses.