ISLAMABAD: 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 to investment in residential and commercial property schemes to be launched by the company in future. The company offers 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 the general public to offer any return is a restricted business activity and can only be offered by specialised companies duly authorised by the SECP or the SBP. The company, as mentioned earlier, 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 reviews activities being carried out by the above-mentioned company, it is deemed appropriate to alert the public against possible misuse of the company’s registration status to mislead them. The general public is advised to refrain from investing their hard-earned money in any unauthorised scheme in their best interest.
