Amendment status not verified — confirm the current text below against the official source.
(1) The authorized officer may, after considering the explanation, if any, to the show cause notice issued under section 14 and the materials available before it, and after giving to the person affected (and in case here the person affected holds any money or 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 other money or properties in question have been acquired illegally. (2) Where the authorized officer specifies that some of the money or property or both referred to in the show cause notice are acquired by means of the offence, but is not able to identify specifically such money or property, then it shall be lawful for the authorized officer to specify the money or property or both which, to the best of his judgment, have been acquired by means of the offence and record a finding, accordingly, under sub-section (1). (3) Where the authorized officer records a finding under this section to the effect that any money or property or both have been acquired by means of the offence, he shall declare that such money or property or both shall, subject to the provisions of this Act, stand confiscated to the State Government free from all encumbrances: Provided that if the market price of the property confiscated is deposited with the authorized officer, the property shall not be confiscated. (4) Where any share in a Company stands confiscated to the State Government under this Act, then, the Company shall, - 22 - notwithstanding anything contained in the Companies Act, 1956 or the Articles of Association of the Company, forthwith register the State Government as the transferee of such share. (5) Every proceeding for confiscation of money or property or both under his Chapter shall be disposed of within a period of six months from the date of service of the notice under sub-section(1) of section-14. (6) The order of confiscation passed under this section shall, subject to the order passed in appeal, if any, under section 17, be final and shall not be called in question in any Court of law. Transfer To be null And void