(1)The Settlement Commission may, if it is satisfied that any person who made the application for settlement under section 127-B has co-operated with the Settlement Commission in the proceedings before it and has made a full and true disclosure of his duty liability, grant to such person, subject to such conditions as it may think fit to impose, immunity from prosecution for any offence under this Act [and also either wholly or in part from the imposition of any penalty and fine] [ Substituted by Act 22 of 2007, Section 105, for " or under the Indian Penal Code (45 of 1860) or under any other Central Act for the time being in force and also either wholly or in part from the imposition of any penalty, fine and interest" (w.e.f. 1.6.2007).] under this Act, with respect to the case covered by the settlement:Provided that no such immunity shall be granted by the Settlement Commission in cases where the proceedings for the prosecution for any such offence have been instituted before the date of receipt of the application under section 127-B.[Explanation.-For the removal of doubts, it is hereby declared that the application filed before the Settlement Commission on or before the 31st day of May, 2007 shall be disposed of as if the amendment in this section had not come into force.] [ Inserted by Act 22 of 2007, Section 105 (w.e.f. 1-6-2007).]
