ISLAMABAD: To secure the general public from unlawful and unlawful activities being accomplished by numerous business, the Securities and Exchange Compensation of Pakistan (SECP) on Friday released a public caution recommending public to refrain from investing in any kind of deceitful investment plans.
The corporate field regulatory authority stated a firm called ‘La Ville De Paris Real Estate Scheme Ltd’ was inviting the general public to acquire certificates, namely Le Paris Registration Certification, to come to be entitled for investment in property and business residential or commercial property plans to be released by the company in future. The firm is providing a minimal surefire return per certificate as well as qualification for rewarding cash prizes through a lucky draw.
“The general public is hereby educated that financial investment possibility, whereby any type of future return/benefit, determined by chance or lottery or like way, is guaranteed or assured in return for a deposit or contribution is an unlawful activity as well as is a ground for winding up of such a business in regards to section 301 of the Firms Act, 2017,” the SECP stated.
The compensation added that inviting money from public to offer any kind of return is a restricted company activity and can only be offered by specialized firms appropriately authorised by the SECP or the State Bank of Pakistan.
The aforementioned business has actually explicitly declared in its Memorandum of Association that it will not participate in any lottery game company or any limited or illegal service.
The SECP said that it was assessing activities being executed by the prior firm. “It is regarded appropriate to notify the public against feasible abuse of the enrollment condition of the company to misguide them,” the declaration added.
The SECP said that one more company called ‘All Pakistan Projects’ was supplying financially rewarding financial investment packages with its site. The payment informed the general public that ‘All Pakistan Projects’ was not registered with the SECP.
“It has been kept in mind that couple of people, whose names are showing up on the site of the entity, are directors/members in the following signed up firms,” the SECP stated, including that these companies consist of APP Projects as well as Property (Pvt) Ltd, AITS Traders (SMC-Private) Ltd, APP Restaurants & Cafe (Pvt) Ltd, APP Riders (Pvt) Ltd, APP Shopping Mall (Pvt) Ltd
. The SECP stressed that also a signed up business signed up can not invite or accept deposits from the general public.