SECP seeks powers to bind entities

The Securities and Exchange Commission of Pakistan (SECP) is seeking ample powers to bind all government departments, authorities, bodies, private entities, housing societies or schemes, banks and any other concerned entity (on orders of the court) to assist the commission in providing details of moveable or immovable properties for recovery of fines/penalties.
It is learnt that the SECP has specified the powers under a new section 487 (recovery of fine or penalty) of the draft Companies Bill 2015. According to the proposed law, any sum adjudged, fine imposed by the Commission or the Registrar in exercise of powers under this Act or any rules or any regulations made thereunder or directed to be paid, shall be payable to the Commission and unless paid on demand, shall be recoverable by the Commission as a decree for the payment of money in case where the person aggrieved by such order has preferred an appeal under section 481 of this Act and the Court upheld the final order of the Appellate Bench, it will automatically be converted into execution proceeding and no fresh notices need to be issued to appellant or not preferred an appeal against the order of the Registrar or the Appellate Bench of the Commission under section 481 of this Act and the Court on application of the Commission has confirmed and allowed conversion or initiation of execution proceedings after notices to the parties as deemed appropriate by the Court.
The Court shall exercise all the powers of executing court as provided in the Code of Civil Procedure 1908 (Act V of 1908), for the purposes of recovery of penalties. Provided that the Court may, for reasons to be recorded, dispense with any procedure in the Code of Civil Procedure 1908 (Act V of 1908), and follow such procedure as it may deem fit in the circumstances of the case for expeditious disposal.
The executing Court may attach any immovable property or sale of any movable property, including bank accounts, of the person or company on whom a fine or penalty has been imposed under this Act by the Commission or the Registrar and any transaction or attempt to alienate, transfer, encumber or mortgage such property shall be void, illegal and without any lawful authority. All government departments, authorities, bodies, private entities, housing societies or schemes, by whatever name called banks and any other concerned entity shall on the orders of the Court be bound to assist the Commission in providing details of moveable or immovable property of judgement debtor, it added.