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Section 7 – The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976

The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976

 

7. Forfeiture of property in certain cases-

 

(1) The competent authority may, after considering the explanation, if any, to the show cause notice issued under section 6, and the materials 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 illegally acquired properties.

 

(2) Where the competent authority is satisfied that some of the properties referred to in the show cause notice are illegally acquired properties but is not able to identity specifically such properties, then it shall be lawful for the competent authority to specify the properties which, to the best of its judgment, are illegally acquired properties and record a finding accordingly under sub-section(1).

 

(3) Where the competent authority records a finding under this section to the effect that any property is illegally acquired property, it shall declare that such property shall, subject to the provisions of this Act, 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 Act 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 Central Government as the transferee of such shares.

 

 

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The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976

 

Indian Laws – Bare Acts

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