islamabad

The Securities and Exchange Commission of Pakistan (SECP) has issued a show cause notice to the Axact company regarding their ultra vires activities which are not authorised by its Memorandum of Association.  

“A show cause notice under section 496 read with section 476 of the Companies Ordinance, 1984, has been issued to the Company regarding their ultra vires activities which are not authorised by its Memorandum of Association.  Though, the main objects of the Company are to carry on business of import and export of software and related matters”, said SECP’s official statement regarding investigations into Axact’s affairs:

Another notice for calling information in terms of section 261 of the Companies Ordinance, 1984 has been issued to the Axact (Pvt) Limited and all its associated companies in order gather further information, the statement further added.

As the FIA has constituted a committee comprising of its senior officers to conduct investigation into the affairs of the Company, the SECP has provided all the relevant facts/ information of Axact (Pvt) Limited and its associated companies available on the record of the SECP.