Section Text
1) The Court may appoint the District Magistrate of the area where the property is situated, or any other officer that may be nominated by the District Magistrate, to perform the functions of an Administrator of such property. (2)The Administrator appointed under sub-section (1) shall receive and manage the property in relation to which the order has been made under subsection (1) of section 105E or under section 105H in such manner and subject to such conditions as may be specified by the Central Government.
(3) The Administrator shall also take such measures, as the Central Government may direct, to dispose of the property which is forfeited to the Central Government. 105G Notice of forfeiture of property. 105G.Notice of forfeiture of property.
(1) If as a result of the inquiry, investigation or survey under section 105D, the Court has reason to believe that all or any of such properties are proceeds of crime, it may serve a notice upon such person (hereinafter referred to as the person affected) calling upon him within a period of thirty days specified in the notice to indicate the source of income, earnings or assets, ot of wceich or by means of which be has acquired such property, the evident on which be relies and other relevant information and particulars, and to show cause why all or any of such properties, as the cam may be, should not be declared to be proceeds of crime and forfeited to the Central Government, (2)Where a notice under sub-section (1) to any person specifies any property as being held on behalf of such person by any other person, a copy of the notice shall also be served upon such other 105H Forfeiture of property in certain cases. 105H.Forfeiture of property in certain cases.
(1) The Court may, after considering the explanation, if any to the show-cause notice issued under section 105G and the material available before it and after giving to the person affected (and in a case where the person affected holds any property specified in the notice through any other Person, to such other person also) a reasonable opportunity of being heard by order record a finding whether all or any of the properties in question are proceeds of crime:
Provided that if the person affected (and in a case where the person affected holds any property specified in the notice through any other person such other person also) does not appear before the Court or represent his case before it within at period or thirty days specified in the slow-cause notice, the Court may proceed to record a finding under this sub-section ex parte on the basis of evidence available before it.
(2) Where the Court is satisfied that some of the properties re- ferred to in the slow-cause notice are proceeds of crime but it is not possible to identify specifically such properties, then, it shall 854C3 be lawful for the Court to specify the properties which, to the best of its judgment, are proceeds of crime and record a finding according- ly under sub-section (1). (3)Where the Court records a finding under this section to the effect that any property is proceeds of crime, such property shall stand forfeited to the Central Government free from all encumbrances. (4)Where any shares in a company stand forfeited to the Central Government under this section, then, the company shall, notwithstand- ing anything contained in the Companies Act, 1956 (1 of 1956), or the articles of association of the company, forthwith register the Central Government as the transferee of such shares. 105I Section 105I - Fine in lieu of forfeiture