Amendment status not verified — confirm the current text below against the official source.
(1) Where an offence under this Act is committed by a company every person who at the time when 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 sub-section shall render any such person liable to any punishment, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence. (2) Notwithstanding anything contained in sub-section (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 be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly. Power of State Government to remove any person on staff of Board. Power of State Government or authorised officer to call for record. etc. Mode of recovery of sums payable 47 to the Board or[into Fund] etc. Penalty for failure to make payment of unpaid accumula- tions, etc. Penalty for unlawful deduction. Penalty for obstructing inspectors exercising powers or discharging duties, etc. Offences by companies. Explanation.—for the purpose of this section— (a) "Company" means any body corporate and includes a firm or other association of individuals, and (b) "director" in relation to a firm, means a partner in the firm.