ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has initiated an inquiry into the affairs of registered companies that were accused of defrauding the general public by offering them investment opportunities in illegal schemes. The SECP has taken the action in the wake of various complaints received against these companies for illegal deposits taken in the name of Modarabas, a statement issued by the Commission said on Monday. The SECP further said that the articles of association of these corporate entities did not allow them to deal in Modaraba products. SECP has recently received a letter from the State Bank of Pakistan (SBP), wherein it was reported that associated companies of Spadix Group were involved in illegal deposit from general public in the name of Modaraba. The SBP mentioned Spadix Pharmaceutical Company, Goodman Pharmaceutical Company, Sanitary Works (Fayyazi Gujranwala Industries), Cable Works (Fayyazi Gujranwala Industries), AL-Hassan Autos and Marble Export.
Published in The Express Tribune, April 9th, 2013.
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