9911796707
TMI Blog1996 (9) TMI 487X X X X Extracts X X X X X X X X Extracts X X X X ..... p of section 3(3) of the Act thereof. The principal judgment and order gave the appellant liberty to file an application for a subsistence allowance. When the appellant declined to avail of the liberty the final order was passed. 2. The appellant became a notified person under the provisions of section 3(2) on 2-7-1992. On 9-10-1994, he was appointed an advisor by Killick Nixon Ltd. with effect from 8-10-1994. By reason of such appointment he is entitled to be paid consultancy fees in the sum of Rs. 5,000 per month by the said company. By a letter dated 7-8-1995, to the Manager, Dena Bank, the appellant applied to open a new Current Account in his name to be operated by him. On 6-9-1996, the appellant's advocates were informed that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial Court then dealt with the provisions of section 3(3) and held that the words therein 'on and from the date of the Notification' meant that all assets which were available on the date of the notification and all assets which became available from and after that date stood attached. The term 'property' had a wide connotation and included present and future property. Thus, if some notified party inherited or was gifted some property or earned some income subsequent to being notified, such property or income would stand attached and be available for distribution under the Act. 4. The Act was preceded by an Ordinance which established the Special Court for trial of offences relating to transactions in securities that had be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in civil proceedings relating to property that stands attached and arising out of transactions in securities between the stated dates in which a notified person was involved as a party, broker, intermediary or in any other manner. Section 11 deals with the discharge of liabilities and sub-section (1) states that the Special Court may make such order as it may deem fit directing the Custodian in the matter of disposal of attached properties; sub-section (2) sets out the order in which liabilities are to be paid or discharged. Section 13 of the Act states that the Act has effect notwith-standing anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law or in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and order under appeal would render it perilously close to being held unconstitutional, for it would deprive the notified person, so long as he remained a notified person, from earning a livelihood. Even to say that such interpretation would reduce a notified person to beggary would not be accurate because the alms that he received, being his property, would stand attached. 8. The apprehension expressed by the Special Court does not appear to be well founded: if what a notified person obtains by way of purported income or gift or inheritance is really his own money, such money would, upon establishment of the fact, stand attached automatically under the provisions of section 3(3). In any event, it is for Parliament to enact a law that me ..... X X X X Extracts X X X X X X X X Extracts X X X X
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