(l) Where the attached property confirmed under sub-section (3) of section 8 of the Act is a movable property, the authorized officer shall take physical possession of such properly and deposit it i.n a warehouse or a storage place.
(2) Where the attached property confirmed by the Adjudicating Authority, is liable to speedy and natural decay or the expense of maintenance is likely to exceed i.ts value, the authorized officer shall sell such properly with the leave of the concerned Special Court or Adjudicating Authority, as the case may be, and deposit the sale proceeds in the nearest Govemment Treasury or branch of the State Bank of india or its subsidiaries or i.n any nationalised bank in fixed deposit and retain the receipt thereof:
Provided that where the owner of the property furnishes the fixed deposit receipt of a nationaIised bank equivalent to the value of property in the name of Director of Enforcement, the authorised officer may accept and retain such fixed deposit receipt as security and send a report to the Special Court or Adjudicating Authority, as the case may be, for information and appropriate action:
Provided further that where the movable property is a mode of conveyance of any description, the authorised officer. after obtaining its valuation report from the Motor Licensing Authority or any other authority, as the case may be, may accept and retain the fixed deposit receipt of a nationalised bank equivalent to the value of the movable property as security in the name of Director of Enforcement and send a report to the Special Court or Adjudicating Authority, as the case may be, for information and appropriate action.
(3) Where the attached property confirmed by the Adjudicating Authority consists of cash, government or other securities or bullion or jewellery or other valuables, the authorized officer shall cause to deposit it in a locker in the name of the Director of Enforcement or in the form of fixed deposit receipt, as the case may be, in State Bank of India or its subsidiaries or in any nationaJised bank and retain the receipt thereof.
(4) Where the attached property confirmed by the Adjudicating Authority is in the form of shares, debentures, units of mutua! fund or instruments, the authorised officer shall cause to get such shares, debentures, units of Mutual Fund or i.nstruments 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 Enforce;'1ent.