Amendment status not verified — confirm the current text below against the official source.
(1) If the person committing an offence under this Act is a company, every officer of the company who is in default 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 in any proceeding against an officer of the company in respect of an offence under this Act it appears to the court hearing the case that the offence is not attributable to the negligence, default, breach of duty, misfeasance or breach of trust committed by the officer, but that he has acted honestly and reasonably and that having regard to all the circumstances of the case, including those connected with his appointment, he ought fairly to be excused, the court may relieve him either wholly or partly, from his liability on such terms as it may think fit. (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 wilful negligence, default, breach of duty, misfeasance or breach of trust on the part of any officer of the company, such officer of the company shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly. Explanation.-- For the purpose of this section,- (a) "company" means any body corporate and includes a firm, a co-operative society or other association of individuals; (b) "director" in relation to a firm means a partner in the firm; (c) "officer of the company" means the Managing Director, Director, Managing Agent, Secretary, Treasurer or Manager of the company and includes the office-bearers of a firm, co-operative society or other association of individuals; and (d) "officer of the company who is in default" means any officer of the company who is knowingly guilty of non-compliance, failure, or contravention of the provisions of this Act or the scheme or who knowingly and wilfully authorises or permits such non-compliance, failure or contravention.