SARFAESI Act - Substituted Notice

valarmathi (Querist) 19 November 2010 This query is : Resolved
Hello,

I need all your support and expert advice. 13(2) was issued against a company in which 5 people are directors. 3 out of 5 directors have now relocated to Mumbai. The mortgaged properties are in Coimbatore. The notices sent to Mumbai address (from which one of the directors sent us a letter requesting time for mobilizing funds - 15 days before issuance of 13(2)) were returned "Not Claimed". Should the substituted notice be published in Maharashtra too? We have already published in two dailies here at Coimbatore.

I require your help at an earliest possible date. Please forward related files to mathivalar80@gmail.com

Thank you.

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s.subramanian (Expert) 19 November 2010
No Need. Service is sufficient.

Devajyoti Barman (Expert) 19 November 2010
Yes, not claimed is complted service of notice.

Chanchal Nag Chowdhury (Expert) 20 November 2010
Not required.

Guest (Expert) 20 November 2010
i do agree.

DEFENSE ADVOCATE.-firmaction@g (Expert) 21 November 2010
Well I am opposed to all actions under Sarfeasi act and a rule most of them are illegal since does not follow all the provisions of the act = but since the opponent has fewer remedies hence suffers.

Your notice is illegal and all further actions based on it will be chalanged even at the stage of sale certificate of property and delivery /possession will be prolonged indefinitely till all the issues are not settled.

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