By : Tariq Rana
ISLAMABABAD: To protect the general public from unlawful/illegal activities being carried out by various companies, the Securities and Exchange Commission of Pakistan (SECP), frequently issues public warnings advising the general public to refrain from investing in any fraudulent investment scheme.
Recently, it has been noticed form print and electronic media that a company namely “La Ville De Paris Housing Scheme Limited” a sister concern of “Master Tiles & Ceramics Industries Limited” is inviting public to purchase certificate namely Le Paris Registration Certificate to become entitled for investment in residential and commercial property schemes to be launched by the company in future. While company is offering a minimum guaranteed return per certificate and eligibility for lucrative cash prizes through a lucky draw.
The general public is hereby informed that investment opportunity, whereby any future return/benefit, determined by chance or lottery or like manner, is assured or promised in return for a deposit or contribution is an unlawful activity and is a ground for winding up of such a company in terms of section 301 of the Companies Act, 2017. Moreover, inviting money from general public to offer any return is a restricted business activity and can only be offered by specialized companies duly authorized by the SECP or the SBP. The aforementioned company has explicitly declared in its Memorandum of Association, that it shall not engage in any lottery business or any restricted or unlawful business.
While the SECP is reviewing activities being carried out by the above-mentioned company, it is deemed appropriate to alert the public against possible misuse of the registration status of the company to mislead them. The general public, in their best interest, is advised to refrain from investing their hard-earned money in any unauthorized scheme.