Amendment status not verified — confirm the current text below against the official source.
(!)Where an offence under this Act or the rules thereunder has been commined companies. by a company, every person who, at the time the offence v:as committed, was in-<:harge of, and was responsible to the company, for the conduct ofthc business of the company, as \'lell 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 nothmg contained in th!s sub-section shall render any such person liable to any punishment provided in this Act if he proves that the offence was committed without his knowledge oc that he had exercised all due diligence to prevent the commission of such offence. (2) Notwithstanding anything contained in sub-section (I), 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 deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly. E.rplanation - For the purpose of this section. - (a) ··company" mct1.'1S a body corporate. and includes a firm or other association of pe:i.ons; and (bj "director~ in relation to a firm means a partner in the firm. C01:•aoncc