ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) here on Wednesday issued a show cause notice under Section 496 read with Section 476 of the Companies Ordinance, 1984, to the Axact Company regarding their ultra vires activities which are not authorized by its Memorandum of Association.
Though, the main objective of the company were to carry on business of import and export of software and related matters, said a statement issued by the SECP here.
Another notice for calling information in terms of section 261 of the Companies Ordinance, 1984 has also been issued to the Axact (Pvt) Limited and all its associated companies in order to gather further information, the Commission’s statement said.
It added that as the FIA has constituted a committee comprising 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.
