Notice by bank under section 13(4) under sarfaesi act report

Dear Mr.Ajith,

I would like to reproduce the content of Rule 6 regarding the disputed point. "Provided that if the sale of such secured assets is being effected either by inviting tenders from the public or by by holding public auction, the secured creditor shall cause a public notice in two leading newspapers, one in vernacular language, having sufficient circulation in that locality by setting out the terms or sale".

On going throught the rule mentioned supra, my interpretation would be, we have to give paper publication in 2 dailies, out of which one should be in the vernacular and both the dailies shoul have sufficient circulation in that area. It does not mean that a national daily and a state daily."

I've replied to you only as a  healthy debate and also request you to enlighten me if you have a different view.

Mr.Raju and Mr.Ramachary also can throw light on this aspect.

Right of freedom of speech and expression

Respected Sir,

I have this opportunity to refer to the Worlds Classic ,”The 8^th Habit :From effectiveness to greatness “ by Stephen Covey ,in which he urges people to find their own distinctive voices and to encourage others, to find theirs.

We are fortunate that our Constitution has given us the freedom of speech and expression .Let us agree to  disagree .Opinions are ones  own.

My best wishes with regards.

Thank you Sir. I've got a good friend now through Lawyer's Club of India. The friend is none other than you.

I feel elated ,thankful and obliged .The joy of giving (up) is the joy of living .May God bless you with happiness and prosperity.

Publication of the Possession Notice u/S13 (4) and Sale Notice must be made in two leading Newspapers having vide circulation in the locality, one in vernacular language.  With this we can interpret as follows:

- publication in two leading vernacular papers -not barred

- advertisement of the Possession/Sale Notice must be in the vernacular language of that locality.

-even if the paper is National or State level, if the said paper is not having sufficient circulation in the locality of the property, the said publications become invalid.

The legislature must have thought that, it is possible to get the publication in smaller papers as if it was published in an earlier date, possibly one month earlier.  It is a fact that in India it is possible to get copies of such a publication for stautory purposes.  Hence to avoid such illegal publications it is stipulate that the publication must be in leading news papers.