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[in 11'. 16/7/2003vafierl. 1]
animal and, Egan Rina
MINISTRY OF FINANCE
l .
(I) These rules may be called the Security Interest (Enforcement) Amendment Rules, 2007.
Official Gazette.
_(2) They shall come into force on the date of their publication in the
2. In the Security Interest (Enforcement) Rules, 2002.
(i) in rule 2, for clause (d), the following clause shall be substituted, namely 2——
‘(d) “approved valuer" means a person registered as a valuer under Section 34 AB of Wealth Tax Act, 1957
and approved by the Board of Directors or Board of Trustees of the secured creditor, as the case may be';
(ii) in rule 8, in sub-rule (2) for the words, brackets and figure “The possession notice as referred to in sub-
rule (1) shall also be published in two leading newspapers”, the words, brackets and figure “The posses-
sion notice as referred to in sub-rule (1) shall also be published, as soon as possible but in any case not
in two leading newspapers”, shall be substi—
later than seVen‘days from the date of taking possession,
tuted;
-
(iii) in rule 9, in sub-rule (7), the following proviso shall be inserted, namely :77
“Provided that if after meeting the cost of removing encumbrances and contingencies there is any surplus
available out of the money deposited by the purchaser such surplus shall be paid to die purchaser within
(iv) in rule 9, in sub-rule (8) for the word “may" the word “shall" shall be substituted;
(v) in nile 10, in subvrule (1), the following proviso sahll be inserted, namely 2——
“Provided that the Manager so appointed shall not be a person who is, or has been, adjudicated insolvent,
or has suspended payment or hascompounded with his creditors, or who is, or has been, convicted by a
criminal court of an offence involving moral turpimde."
[Ii No. l6/7/2003—B.O. I]
AMITABH VERMA, It, Secyi
Printed by the Manager, Govt, of India Press, Ring Road, Mayapuri, New Delbi7110064
and Published by the Controller of Publications, Delhi-110054,