stand attached simultaneously with the
issue of the notification.
(4) The property attached under sub-section (3) shall be dealt
with by the Custodian ... attached property. If, therefore, any application is filed
before the Special Court by a third party claiming the property
so attached and/or for releasing
third party on the date of attachment,
in the property attached. The attached property also does
not vest in the Custodian. In this regard ... notified
person in the property is not a severable interest, the
entire property may be attached. But the proceeds from which
distribution will be made
securities and disposal of properties attached. It also provided for appointment of one or more custodians for attaching the property of the offenders with ... also attached property. Thus, if the property be shares, dividend and bonus and rights shares there on would also be attached property. It is only
notified person in the property is not a severable interest, the entire property may be attached. But the proceeds from which distribution will be made ... right, title and interest therein - is under attachment, the custodian has also no right as the attached property also does not vest in the Custodian
from the date of the notification stand
attached. Attachment of all the properties in terms of Section
3(3) of the Act is automatic ... period is irrelevant for the attachment of properties
and sale of the same. All properties which are attached would
be liable to be sold
securities and disposal of properties attached. It also provided for appointment of one or more custodians for attaching the property of the offenders with ... also attached property. Thus if the property be shares, dividend and bonus and rights shares thereon would also be attached property. It is only income
third party on the date of attachment, in the
property attached. The attached property also does not
vest in the Custodian. In this regard ... there would be no question of selling the
attached shares, which though attached, remain the property of the notified
parties. It was also contended that
Special Courts, compound the offences punishable under the Act, sell the attached properties in public auction and distribute the sale proceeds among the depositors ... default to make payment on maturity and selling away the attached properties for the purpose of distribution of the sale proceeds among the depositors. Consequentially
third party on the date of attachment,
in the property attached. The attached property also does
not vest in the Custodian. In this regard ... notified
person in the property is not a severable interest, the
entire property may be attached. But the proceeds from which
distribution will be made
attachment, once the first order of attachment is set aside. If the order of attachment is not set aside and the properties are sold, then ... seeking declaration for attachment of the properties is not maintainable. Once the property has been attached by operation of law under the Special Courts
