Amendment status not verified — confirm the current text below against the official source.
Qffènce t, by companies.—(l) Where an offence under this Act has been committed by a company, every person who at the time the offence was cormmitted 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 Ibe deemed to be guilty of the offence and shall be liable to be proceedec against and punished accordingly: Provided It nothing contained in -this sub-section shall render any such person 141e to any punishment, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prvent the commission of such offence. - (2) Ntwithstanding anything contained in sub-section (1), where any offence uiider 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, secetary or other officer shall be deemed to be guity of that ' offence and shall be liable to be proceeded against and 'punished accordingly. . - Exp/anation:—For the purposes of this section,— - "company" means any body corporale and inclu4es a - firm or other association of persons or a Co-operative Sociefy; and "director" in relation to a,firrn, means a partner in the finn.