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@he Gazette of Judie

EXTRAORDINARY

“T“ [I ~38“? 3 ~3q—E‘13 (ii)

PART II—Secfion Hub-section (ii)

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PUBLISHED BY AUTHORITY

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No. 1317] NEW DELHI, FRIDAY, OCTOBER 26, 2007/KARTIKA 4, 1929

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[in 11'. 16/7/2003vafierl. 1]
animal and, Egan Rina
MINISTRY OF FINANCE

(Department of Financial Services)

NOTIFICATION
New Delhi, the 26th October, 2007
SO. 1837(E).~—In exercise of the powers conferred by Sub-section (1) and clause (b) of Sub-section (2) of
Section 38 read with Sub-sections (4) and (12) of Section 13 of the Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest Act, 2002 (54 of 20020, the Central Government hereby makes the following amend-
ments further to amend the Security Interest (Enforcement) Rules, 2002. namely :—

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

fifteen days from the date of finalisation of the sale”;

(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,