TMI BlogPrevention of Money-laundering (Taking Possession of Attached or Frozen Properties Confirmed by the Adjudicating Authority) Rules, 2013.X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2002 (15 of 2003); (b) Adjudicating Authority means an Adjudicating Authority appointed under sub-section (1) of section 6 of the Act; (c) attachment means prohibition of transfer, conversion, disposition or movement of property by an order issued under sub-section (1) of section 5 of the Act; (d) Authorized Officer means an officer authorized by the Director under sub-section (1) of section 5 of the Act; (e) Form means the Forms appended to these rules; (f) frozen means a record or property frozen under sub-section (1A) of section 17 of the Act; (g) order means an order made by the Adjudicating Authority under sub-section (3) of section 8 of the Act; and (h) section means a section of the Act. (2) All other words and expressions used and not defined in these rules, but defined in the Act, shall have the meaning respectively assigned to them in the Act. Procedure relating to possession 3. Where the provisional order of attachment made under sub-section (1) of section 5 of the Act or order for retention of property or records seized or frozen under section 17 or section 18 has been confirmed by the Adjud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) Where the attached property confirmed by the Adjudicating Authority is in the form of shares, debentures, units of mutual fund or instruments, the authorised officer shall cause to get such shares, debentures, units of Mutual Fund or instruments to be transferred in favour of the Director of Enforcement. (5) Where the property confirmed by the Adjudicating Authority is in the form of money lying in a bank or a financial institution, the Authorized Officer shall issue a direction to the bank or financial institution, as the case may be, to transfer and credit the money to the account of the Directorate of Enforcement. Manner of taking possession of immovable property 5. (1) Where the immovable property confirmed by the Adjudicating Authority is in the form of a land, building, house, flat, etc., a notice shall be issued to the Registrar having jurisdiction of the area alongwith the provisional attachment order and order of the Adjudicating Authority confirming such attachment requiring the Registrar not to transfer or create any interest in such property until further orders and a copy of the order confirming the attachment shall be affixed at a conspicuous part of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 6. (1) The authorized officer shall serve a notice on all the concerned parties for taking possession of immovable property in Form I, appended to these rules and affix the same at conspicuous part of such property and shall also be served by publication in a local newspaper. (2) The authorized officer, for taking possession of property which is in the nature of productive asset, shall serve a notice on all concerned parties in Form II, appended to these rules and affix the same at conspicuous part of such property and such notice shall also be published in a local newspaper. Confirmed attached property in the custody of Court 7. (1) Where the confirmed attached property is in the custody of any Court, the authorized officer shall make an application to such Court by providing a copy of the provisional attachment order issued under sub-section (1) of section 5 and the order under sub-section (3) of section 8 passed by the Adjudication Authority. (2) The application referred to in sub-rule (1) shall contain a relief that such property and any interest or dividend payable thereon may be released in favour of the Directorate of Enforcement. Confirmed attach ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in any manner whatsoever and that all persons be and that they are hereby prohibited and restrained from receiving the same by purchase, gift, mortgage, pledge or otherwise in any manner whatsoever. Issued on this .. day of .20 By Order ( ) Deputy Director/Joint Director/Additional Director (Name, designation and office seal) Sub-Zonal /Zonal/Regional office FORM II (see sub-rule (2) of rule 6) Notice for taking possession under sub-section (4) of section 8 of the Prevention of Money-laundering Act, 2002 (15 of 2003) Whereas the immovable property bearing . situated at . and the said property which is of the nature of productive asset or running factory, etc., has been provisionally attached under sub-section (1) of section 5 of the Act (15 of 2003) vide provisional attachment order No. .. dated .. issued by Deputy Director/Joint Director/Additional Director, Directorate of Enforcement, .. Sub-Zonal/Zonal/Regional Office . Whereas the said provisional attachment order was subsequently confirmed by the Adjudicating Authority constituted under section 6 of the Act, vide order No. dated ..... X X X X Extracts X X X X X X X X Extracts X X X X
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