TMI BlogConfiscation of property under second proviso to sub-section (1) of section 27X X X X Extracts X X X X X X X X Extracts X X X X ..... section 27 has been made, the Adjudicating Authority shall send a copy of the order to the Authorised Officer. (2) Where an order referred to in sub-rule (1) has been received by the Authorised Officer in respect of any immovable property, he shall,- (i) forthwith issue notice to the authority of the Central Government or a State Government, as case may be, having jurisdication for the pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erty informing him about the confiscation of such property; or (ii) sell the property, if the property is liable to speedy and natural decay or the expenses for maintenance is likely to exceed its value, with the leave of the concerned Adjudicating Authority, and deposit the sale proceeds in the nearest Government Treasury or branch of the State Bank of India or its subsidiaries or in any natio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... strator; (iii) cause to deposit the property consisting of cash, Government or other securities or bullion or jewellery or other valuables in a locker in the name of the Administrator or in the form of fixed deposit, as the case may be, in State Bank of India or its subsidiaries or in any nationalised bank and retain the receipt thereof; (iv) cause to get the property in the form of shares, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
