Amendment status not verified — confirm the current text below against the official source.
(1) Where an offence under this Act has been committed by a company every person who at the time the offence was committed was in charge of and was responsible to the company for the conduct of the business of the company as well as the company shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly : Provided that nothing contained in this subsection shall render any such person liable to any punishment provided in this Act if he proves that the offence was committed without his knowledge or that he exercise all due diligence to prevent the commission of such offence. (2) Notwithstanding anything contained in subsection (1) where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of or is attributable to any neglect on the part of any director, manager, secretary or other officer of the company such director, manager, secretary or other officer shall also be liable to be proceeded against and punished accordingly – Explanation :- For the purpose of this section – (a) "company means body corporate and includes a firm or other association of individuals and (b) "Director" in relation to a firm, means a partnering the firm.