The Competition Commission of Pakistan (CCP) has proposed amendments in the General Enforcement Regulations, 2007 to clarify issues pertaining to recovery of penalties and other due amounts from companies.
Sources told Business Recorder on Saturday that the clarifying amendment has been proposed in the Enforcement Regulations. The new amendment would clarify that the relevant section would apply on penalty as well as recovery of other due amounts in accordance with the law. In this regard, the CCP has revised the notice under Section 40 (1) of the Competition Ordinance, 2007 for recovery of penalties or any other amount due.
According to the proposed amendment, the draft of amendment in the Competition Commission (General Enforcement) Regulations, 2007 has been issued in exercise of the powers conferred by section 56 of the Competition Ordinance, 2007.
It has been circulated for information to all undertakings and individual persons and comments on the proposed amendment, if any, should be communicated to CCP within 30 days of its publication.
Any suggestion which may be received from any undertaking or other person in respect of the proposed amendment, before the expiry of the said period shall be considered by the CCP. In the said regulations, Schedule-A (Notice for recovery of penalties and any other amount due) shall be amended.
Under the proposed notice, the companies have to pay forthwith the money due within 15 days from the date of service of the notice, either by a Pay Order or Bank Demand Draft in favour of the CCP.
Upon failure to make payment within the given period, the Commission may proceed to recover the amount due by adopting, among others, the following measures: Attachment of immovable or sale of any immovable property, including bank account of the person or undertaking; appointment of a receiver for the management of the movable or immovable property of the person or undertaking; deduction of the sum due by giving notice to persons from whom any money is due. The CCP would be empowered to also take any other measure as envisaged by section 40 of the Ordinance.
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