Amendment status not verified — confirm the current text below against the official source.
(1) Where a person committing any offence punishable under this Act, it company as defined in the Companies Act, 1956 or a firm or other association body of persons, whether incorporated or not, every person who, at the time offence was committed was in charge of, and was responsible to the company, fine or association, or body of persons, as the case may be, for the conduct of its business as well as the company, firm or association or body of persons, as the case may be, shall be deemed to be guilty of the offence and shall be liable to be process against and punished accordingly ; Provided that nothing contained in this sub-section shall render any person liable to any punishment if he proves that the offence took place with his knowledge or that he exercised all due diligence to prevent such offence. (2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company or a firm and it is proved by the offence has been committed with the consent or connivance of, or it attar table to any neglect on the part of, any officer of the company as defined in the section (30) of section 2 of the Companies Act, 1956 or of any partner in the firm such officer or partners the case may be shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly.