ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) rebuffed a news item, which said that the registration of 3A Alliance (Pvt) Limited has been reinstated and the company has been allowed to work in Balochistan.
“It is to clarify 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,” the SECP said in a statement issued on Monday.
It 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 statement concluded.