Amendment status not verified — confirm the current text below against the official source.
Offences by companies.-( 1) If the person committing an offence under th1s Act is a company, the company as well as every person in charge of, and responsible to, the company for the conduct of its business at the time of the commission of the offence shall be deemed to be guilty 71 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 exercised all due dili- gence to prevent the commission of such offence. (2) Notwithstandmg anything contained in sub-seetion (I), 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, any director, manager, managing agent or any other officer of the company, such director, manager, managing agent or such other officer shall also be deemed to be guilty of that offence and shall be hable to be prod:eded against and punished accor- dingly. Explanation.-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. CHAPTER IX Miscellaneous