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2017 (1) TMI 137 - MADRAS HIGH COURTLegality of order - Release of gold only after completion of adjudication - the petitioner says that bank guarantee, equivalent to 50% of the value put down in the communication dated 10.11.2016, could be furnished, coupled with a personal bond for the remaining amount of the value of the seized goods i.e., the gold bars - Held that: - Seizure in this case took place on 23.12.2015, that is nearly a year ago. To date, adjudication has not been completed - the communication dated 10.11.2016 is quashed. Respondents are, however, given liberty to conclude the adjudication with due expedition, though, not later than four (4) weeks from the date of receipt of a copy of this order. The respondents will, however, release the seized goods i.e., the gold bars to the petitioner on a bank guarantee being furnished, equivalent to 50% of the value of the seized goods, as indicated in the communication dated 10.11.2016 - the petitioner will furnish a personal bond for the remaining 50% of the value of the seized goods i.e., the gold bars - petition disposed off - decided partly in favor of petitioner.
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