Takes in hand at short notice (5)
I believe the answer is:
grabs
'takes' is the definition.
(grabbing is a kind of taking)
I cannot understand how the remainder of the clue works.
Can you help me to learn more?
(Other definitions for grabs that I've seen before include "Grasps" , "Clutches" , "Gets" , "proceeds after a smashing start!" , "Seizes" .)