Amendment status not verified — confirm the current text below against the official source.
OffinceJ h)' compames -(I) Where the pe1son commtttmg any offence under thts Act ts a company, the company as well as every person who ts m cha1 ge of, and 1 cspons1ble to the company for the conduct of Its bustness al the time of the commission of the offence shall be deemed to be gmlty of the offence and shall be liable to be proceeded agamst and punished accm dt?gly Pt ovided that noth1ng contained in the sub-section shall 1 cnder any such pet son hable to any pumshmcnt, 1f he p1 oves that the offence was committed Without hts knowledge 01 that he had exercised all due dthgence to ptevent the commission of such offence. (2) t\otwithstanding anything contained m sub-secuon ( 1), whe1 e any offence undc1 thiS Act has been committed by a company, and it 1s proved that the offence has been committed with the consent 132 or connivance 1 of, m· that the commissiOn of the offence is a to ibut- able to any neglect on the pa, t of any du·ect01·, manage1·, 'iec!·etai y or othe1· officet of the compa,1y, such director, manager, secretary or other officer shall be deemed to be gmlty of that offence and shall be hable to be proceedf>d against and pumshed accordmgly. Explanatzon -Fo.t the purpose of this sectlOn,- (a) 'Company' means any body corporate and Includes a firm ·o, othc · Ol gamsation or assoc1at10n of pe.·sons or a co-operative society (b) 'di1·ector' !n relation to a fi&m, means a partner m the fit m.