Law:

Section:

Stock Exchanges (Corporatisation, Demutualization and Integration) Act (XV of 2012)--- ----Ss. 16(1) & 16(11)---Civil Procedure Code (V of 1908) O.XXI, R. 64---Execution of decree---Auction of Trading Rights Entitlement Certificates to satisfy decree---Decree-holder sought satisfaction of the decretal amount against the -debtor stock broker by auctioning of TRE (Trading Right Entitlement) Certificates of the debtor---Contention of debtor was that it was not yet registered with the SECP in accordance with S. 16 of the Stock Exchanges (Corporatisation, Demutualization and Integration) Act, 2012; since it was under suspension, therefore no compliance of the Stock Exchanges (Corporatisation, Demutualization and Integration) Act, 2012 had been made; which would result in lapse of the TRE Certificates---Held, that since TRE Certificates of the defendant had already been suspended/attached by the order of the Court, there should be no undesirable effect on Ss. 16(1) & 16(11) of the Stock Exchanges (Corporatisation, Demutualization and Integration) Act, 2012; if the said Certificates were still unregistered---High Court directed that defendant/ -debtor to satisfy the decree within a period of thirty days from the date of the order and in case of failure to do so, directed the Nazir of the court to auction the said TRE Certificates/shares as per provisions of the Stock Exchanges (Corporatisation, Demutualization and Integration) Act, 2012; and that the transfer of said TRE Certificates on the name of the auction-purchaser would be subject to the confirmation of auction by the Court---High Court further directed that the decree-holder shall initially bear the costs of the auction proceedings, however the same would be finally paid by the debtor and adjusted from the sale proceeds---Application under O. XXI, R. 64 of C.P.C. was allowed, accordingly. ORDER ZAFAR AHMED RAJPUT, J.---This application (C.M.A. No.329/13) has been filed by the Decree Holder seeking therein directions for J.D No.4 (Karachi Stock Exchange Guarantee Limited) to auction the TRE Certificates/shares of the J.D No.2 and to pay the sale proceed of the same to him in satisfaction of the decree.…

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