Amendment status not verified — confirm the current text below against the official source.
(1) Any person found guilty of an offence under this Act shall, on procedure. conviction, be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine. (2) Where an offence under this Act has been committed by a company, every person fncharge of, or responsible to, the company for the conduct of its business at the time of the commission of the offence 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 exercised all due diligence to prevent the commission of such offence. (3) Notwithstanding anything contained in sub -section (2), 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 that the commission of the offence is attributable to any neglect on the part of, a director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be proceeded against and punished accordingly. PUNJAB GOVT GAZ. (EXTRA.), DEC. 16, 1974 867 (AGHN. 2$, 1896 SAKA) Expkneition.—For the purposes of this section,— (a) "company" means any body corporate, and includes a firm or other association of individuals ; and (b) "director" in relation to a firm means a partner in the firm. (4) No court shalt take cognizance of any offence under this Act except upon a complaintin Writing made bya person authorised in this behalf by the Government. (5) Any magistrate orbenchof magistrates empowered for the time being to try in a summary manner the offences specified in sub -section (I) of section 260 of the Code of Criminal Procedure, 1973, may, if such magistrate or bench of magistrates think(s) fit, on an application made, in this behalf, by the com- plainant, try any offence under this Act in accordance with the provisions contained in sections 262 to 26$ of the said Code.