Lawgist3Appointment and functions of Custodian
(1) The Central Government may appoint one or more Custodians as it may deem fit for the purposes of this Act.
(2) The Custodian may, on being satisfied on information received that any person has been involved in any offence relating to transactions insecurities after the 1st day of April, 1991 and on and before the 6th June, 1992, notify the name of such person in the Official Gazette.
(3) Notwithstanding anything contained in the Code and any other law for the time being in force, on and from the date of notification under sub-section (2), any property, movable or immovable, or both, belonging to any person notified under that sub-section shall stand attached simultaneously with the issue of the notification.
(4) The property attached under sub-section (3) shall be dealt with by the Custodian in such manner as the Special Court may direct.
(5) The Custodian may take assistance of any person while exercising his powers or for discharging his duties under this section and section 4.
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- 1 Short title and commencement
- 2 Definitions
- 3 Appointment and functions of Custodian
- 4 Contracts entered into fraudulently may be cancelled
- 5 Establishment of Special Court
- 5A Distribution of cases amongst Judges of Special Court
- 6 Cognizance of cases by Special Court
- 7 Jurisdiction of Special Court
- 8 Jurisdiction of Special Court as to joint trials
- 9 Procedure and powers of Special Court
- 9A Jurisdiction, powers, authority and procedure of Special Court in civil matters
- 9B Powers of the Special Court in arbitration matters
- 10 Appeal
- 11 Discharge of liabilities
- 11A Power to punish for contempt
- 12 Protection of action taken in good faith
- 13 Act to have overriding effect
- 14 Power to make rules
- 15 Repeal and savings
