(1) The Central Government may appoint one or more. Custodians as it may deem fit for the purposes of this Ordinance.
(2) The Custodian may, on being satisfied on information received that any person has been involved in any offence relating to transactions in securities after Dhc 1st day of April, 1991 and on and before the promulgation of this Ordinance, notify the name of such person in the Official Gazette.
(.5) Notwithstanding anything contained in the Code, 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 for discharging his duties under this section.
4. 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 proclamation of this Ordinance in relation fio 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 Ordinance, he may cancel such contract or agreement and on such cancellation such property shall stand attached under this Ordinance:
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.