Amendment status not verified — confirm the current text below against the official source.
Offences by companies : (1) Where the person committing any offence under this Act is a company, the company as well as every person who is in charge of and responsible to the company for the conduct of its business at the time of the commission of the offence shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly. (2) Notwithstanding anything contained in Section 42(1), where any offence under this Act has been committed by a company and is proved that the offence has been committed with the consent or connivance of, or that the commission of the offence is attributable to any neglect on the part of any Director, Manager, Secretary or other Functionary of the company such Director, Manager, Secretary or other Functionary shall be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly: Explanation- For the purpose of this section :- (a) 'Company' means any corporate body and includes a firm or other organization or association of persons or a co-operative society. (b) 'Director' in relation to a firm, means a partner in the firm.