ISLAMABAD, March 31: The Securities and Exchange Commission of Pakistan (SECP) on Monday declared the Natover Lease and Refinance Limited (NLRL), a company offering motor vehicles and industrial machinery for lease, as a sick Non-Banking Finance Company.

The decision has been taken following the precarious financial position of the company revealed by an inspection team of the SECP.

The commission has already superseded NLRL’s chief executive officer and board of directors under the provisions of Section 282E and 282F of the Companies Ordinance 1984 by appointing an administrator to manage the affairs of the company.

The SECP has also suspended trading in the shares of the NLRL on stock exchanges and has cancelled its deposit-taking licence.