Section 3 in The Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992
Title: Appointment 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.
Title: Contracts entered into fraudulently may be cancelled
(1) If the Custodian is satisfied, after such inquiry as he may think fit, that any contract or agreement entered into at any time after the 1st day of April, 1991 and on and before the 6th June, 1992 in relation to any property of the person notified under sub-section (2) of section 3 has been entered into fraudulently or to defeat the provisions of this Act, he may cancel such contract or agreement and on such cancellation such property shall stand attached under this Act:
Provided that no contract or agreement shall be cancelled except after giving to the parties to the contract or agreement a reasonable opportunity of being heard.
(2) Any person aggrieved by a notification issued under sub-section (2) of section 3 or any cancellation made under sub-section (1) of section 4 or any other order made by the Custodian in exercise of the powers conferred on him under section 3 or 4 may file a petition objecting to the same within thirty days of the assent to the Special Court (Trial of Offences Relating to Transactions in Securities) Bill, 1992 by the President before the Special Court where such notification, cancellation or order has been issued before the date of assent to the Special Court (Trial of Offences Relating to Transactions in Securities)Bill, 1992 by the President and where such notification, cancellation or order has been issued on or after that date, within thirty days of the issuance of such notification, cancellation or order, as the case may be; and the Special Court after hearing the parties, may make such order as it deems fit.
Title: Establishment of Special Court
(1) The Central Government shall, by notification in the Official Gazette, establish a Court to be called the Special Court.
(2) The Special Court shall consist of 1[one or more sitting Judges] of the High Court nominated by the Chief Justice of the High Court within the local limits of whose jurisdiction the Special Court is situated, with the concurrence of the Chief Justice of India.
2[(3) When the office of 3[a Judge of the Special Court is vacant by reason of absence or leave, the duties of the office shall be performed by such Judge of the High Court within the local limits of whose jurisdiction the Special Court is situated as the Chief Justice of that High Court may, with the concurrence of the Chief Justice of India, nominate for the purpose and the Judge so appointed shall have all the jurisdiction and powers of 3 [a Judge of the Special Court including the powers to pass final orders.]
1 Subs. by Act 6 of 1997, s. 2 for "a sitting Judge"(w. e. f. 16-1-1997).
2 Ins. by Act 24 of 1994, s. 2(w. e. f. 25-1-1994).
3 Subs. by Act 6 of 1997, s. 2, for "the Judge of the Special Court" (w. e. f. 16-1-1997).
Title: Distribution of cases amongst Judges of Special Court
1[5A.Distribution of cases amongst Judges of Special Court.--Where the Special Court consists of two or more Judges, the Chief Justice of the High Court within the local limits of whose jurisdiction the Special Court is situated may, from time to time, by general or special order, make provisions as to the distribution of cases amongst the Judges and specify the matters which may be dealt with by each of such Judge.]
1 Ins. by s. 3, ibid. (w. e. f. 16-1-1997).
Title: Cognizance of cases by Special Court
The Special Court shall take cognizance of or try such cases as are instituted before it or transferred to it as hereinafter provided.