[7A. Compounding of offences.- (1) The Director or such officer as may be prescribed may-
(a) accept, by way of composition, from any person who committed or in respect of whom it can be reasonably inferred that he has committed any offence under the provisions of this Act or the rules made thereunder, such sum of money not exceeding the amount of fine payable for such offence, as may be determined by the Director or such officer;
(b) in all cases in which any property has been seized as liable to confiscation under this Act, release the same on payment of the value thereof as estimated by the Director or such officer.
(2) On payment by such person the sum of money or the value or both as the case may be, the person, if in custody, shall be set at liberty, and all the property seized may be released and no proceedings shall be instituted against such person in any criminal court. If proceedings in any criminal court have been instituted against such person in respect of the offence, the acceptance of composition shall be deemed to amount to an acquittal; and in no case, any further proceedings shall be taken against such person or property with reference to the same act or in respect of the same offence.]