(1) Where a person has been convicted of any offence punishable under this Act or any rule made thereunder, the Designated Court may, in addition to awarding any punishment, by order in writing, declare that any property, movable or immovable or both, belonging to the accused and specified in the order, shall stand forfeited to the Government free from all encumbrances.
(2) Where any person in accused of any offence under this Act or any rule made thereunder. it shall be open to the Designated Court trying him to pass an order that all or any properties, movable or immovable or both belonging to him shall, during the period of such trial be attached, and where such trial ends in conviction, the properties so attached shall forfeited to the Government free from all encumbrances.
(3)(a) If upon a report in writing made by a police office or an officer referred to in sub-section (1) of section 7, any Designated Court has reason to believe that any person, who has committed an offence punishable under this Act or any rule made thereunder, has absconded or is concealing himself so that he may not be apprehended, such Court may, notwithstanding anything contained in section 82 of the Code, publish a written proclamation requiring him to appear at a specified place and at a specified time not less than fifteen days but not more than thirty days from the date of publication of such proclamation.
(b) The Designated Court issuing a proclamation under Cl. (a) may, at any time order the attachment of any property, movable or immovable or both, belonging to the proclaimed person, and thereupon the provisions of Secs. 83 to 85 of the Code shall apply to such attachment as if such attachment were made under that Code.
(c) If, within six months from the date, of the attachment, any person, whose property is, or has been, at the disposal of the Government under sub-section (2) of section 85 of the Code, appears voluntarily or is apprehended and brought before the Designated Court by whose order the property was attached, or the Courts, to which such Court is subordinate, and proves to the satisfaction of such Court that he did not abscond or conceal himself for the purpose of avoiding apprehension and that he had not received such notice of the proclamation as to enable him to attend within the time specified therein, such property or, if the same has been sold, the net proceeds of the sale and the residue of the property, shall after satisfying therefrom all costs incurred in consequence of the attachment, be delivered to him.
(4) When any shares in a company stand forfeited to the Government under this section, then the company shall, notwithstanding anything contained in the Companies Act, 1956 (1 of 1956), or the Articles of association of the company forthwith register the Government as the transferee of such shares.
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