ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has launched an inquiry to find the real owner of the Axact Private Limited.
The SECP has also issued a show-cause notice, under section 496 read with section 476 of the Companies Ordinance, 1984, to Axact regarding its ultra-vires activities which are not authorised by its Memorandum of Association.
According to the official statement, the main objects of the Company are to carry on business of import and export of software and related matters.
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.
Besides sharing necessary information with Federal Investigation Agency (FIA) about company’s accounts details, its annual returns and income, the SECP has also initiated probe against the company. The SECP has also sought detailed information about Axact LLC, which is based in Dubai, and it has written to the company’s CEO for providing the information and the company’s owner is bound to provide any information sought by SECP.
