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2004 (9) TMI 384 - SC - Companies LawWhether a statutory attachment in terms of sub-section (3) of section 3 of the said Act would apply only in relation to a property which was the subject-matter of the transactions in securities? Held that:- Appeal dismissed. A notified party has the requisite locus to bring the fact to the notice of the Special Court that certain sum is owing and due to him from a third party whereupon a proceeding can be initiated for recovery thereof by the Custodian and consequent application thereof in discharge of the liability of the notified person. Sub-section (3) of section 3 should be literally construed and so construed all properties belonging to the notified person shall be subject to attachment which may, consequently, be applied for discharge of his liabilities in terms of section 11 of the said Act. The provisions of Limitation Act, 1963 have no application in relation to the proceedings under the said Act.
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