(1) The Court, after considering any explanation provided in response to the show-cause notice issued under Section 105G, as well as the material before it, and after giving the person affected (and, in cases where the person affected holds any property specified in the notice through another person, also giving that other person an opportunity) a reasonable chance to be heard, may, by order, record a finding as to whether all or any of the properties in question are proceeds of crime.
(2) Provided that if the person affected (and, where applicable, the other person holding the property on behalf of the affected person) does not appear before the Court or fail to represent their case within the thirty-day period specified in the show-cause notice, the Court may proceed to record a finding under this Sub-section ex-parte, based on the available evidence.
(3) If the Court is satisfied that some of the properties referred to in the show-cause notice are proceeds of crime but cannot specifically identify the properties, the Court may, to the best of its judgment, specify those properties as proceeds of crime and record a finding accordingly.
(4) When the Court records a finding under this section that any property is proceeds of crime, such property shall be forfeited to the Central Government, free from all encumbrances.
(5) If any shares in a company are forfeited to the Central Government under this section, the company shall, notwithstanding the provisions of the Companies Act, 1956 (1 of 1956) or its articles of association, immediately register the Central Government as the transferee of such shares.
