TLTP REPORT –
While issuing show cause notice to 3A Alliance Company on Monday top financial regulatory agency Securities and Exchange Commission of Pakistan (SECP) warned public to refrain from entering into contract or transaction with the company in Baluchistan, says a press release issued here.
It has come to notice of the SECP that a misleading news item regarding M/s 3A Alliance (Pvt.) Limited appeared in a section of press, which said that the registration of the company has been reinstated and the company has been allowed to work in Baluchistan.
It is clarified that the aforesaid news item is fake and winding up proceeding is in progress against the company. A show cause notice under Section 301 read with Section 304 of the Companies Act, 2017 has been issued to the company and fate of proceedings shall be decided in due course of time.
It is reiterated that the company is soliciting unauthorized deposits from the public as advances for purchase of motorcycles and offering huge profits thereon on their deposits, through its franchise offices/ service centres in Quetta. The general public is therefore, once again warned to be careful and not to be misled by any unlawful activity by the said company, the SECP said.
The Law Today Pakistan, commonly known as TLTP, is the largest news wire service, headquartered in Islamabad. The service is providing fast, comprehensive and verified news on superior courts adjudications, regulatory framework of fiscal, monitory and external sectors, economic regulatory bodies amid apex institutions regulating the financial system. TLTP is empowering readers of more than 12 national English dailies in the country.