Page 36 - BF Cover February 2019

ARTICLE

Hearing of Application (Section 11, FEO

Act 018)
(1) If the individual, to whom notice has been issued,
appears in person at the place and time specified in the
notice, the Special Court may terminate the proceedings
under this Act.

(2) If the individual, to whom notice has been issued, fails
to appear at the place and time specified in the notice, but
enters appearance through counsel, the Special Court may
in its discretion give a period of one week to file a reply to
the application under section 4.

(3) The attachment of property shall continue for a period (3) If the individual, to whom notice has been issued, fails
of 180 days from the date of order of attachment unless to enter appearance either in person or through counsel,
extended by the Special Court before the expiry of such the Special Court may, if it is satisfied-
period.
(a) that service of notice has been effected on such party;
Notice to the Offender (Section 10, FEO or
(b) that notice could not be served in spite of best efforts
Act 2018)
because such individual has evaded service of notice.
(1) The Special Court shall issue a notice to the individual
who is alleged to be a fugitive economic offender in proceed to hear the application after recording the reasons
application filed u/s 4.
in writing.

(2) Such a notice u/ sub-sec 10 (1) shall- Declaration of Fugitive Economic Offender
(a) require the individual to appear at a specified place and
time not less than six weeks from the date of issue of such (Section 12 (1), FEO Act 2018)
notice; and The Special Court, after hearing the application under
(b) state that failure to appear on the specified place and section 4, and if it is satisfied that an individual is a fugitive
time shall result in a declaration of the individual as a fugitive economic offender, may, by an order, declare the individual
economic offender and confiscation of property under the as a fugitive economic offender for reasons to be recorded
Act. in writing.

(3) The notice may also be served to the individual alleged Confiscation of Properties (Section 12(2),
to be a fugitive economic offender by electronic means to-
FEO Act, 2018):
(a) his electronic mail address submitted in application for (1) The Special Court, on a declaration of fugitive economic
allotment of PAN card. offender, may order that any of the following properties
(b) his electronic mail address submitted in application for stand confiscated to the Central Government-
enrolment of Aadhaar;
(c) any other electronic account as may be prescribed. (a) the proceeds of crime in India or abroad, whether or
not such property is owned by the fugitive economic
subject to the satisfaction of the Special Court that such offender; and
account has been recently accessed by the individual and (b) any other property or benami property in India or
abroad, owned by the fugitive economic offender.
constitutes a reasonable method for communication of the
notice to the individual.
(2) If confiscated property is in a contracting State, the

36 | 2019 | FEBRUARY | BANKING FINANCE