Amendment status not verified — confirm the current text below against the official source.
Penalties.-Whoever contravenes any of the prov1sions of this Act or any rule made thereunder shall, on conviction, 3/97-8 ' 104 if no other penalty is elsewhere provided in this Act or the rules for such contravention, be purushable with fine which may extend to one hundred rupees and, in the event of such person having been previously convicted of an offence under this Act or any rule made thereunder, With fine which may extend to two hundred rupees 17 Offence~ by companies.-(1) Where an offence under this Act has been committed by a company, every person who, at the time the offence was committed, 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 be liable to be proceeded agamst and punished accordingly: Provided that nothing contained m thts sub-section shall render any such person liable to any pumshment tf he proves that the offence was committed wtthout his knowledge or that he exercised all due diligence to prevent the commission of such offence. (2) Notwithstandmg anything contained m 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 attnbutable to any neglect on the part of any director, manager, secretary or other officer of th(> company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offenct. and shall be hable to be proceeded against and punished accordmgly Explanation.-For the purposes of this section- (a) "company" means a body corporate. and includes a firm or other association of individuals, and (b) "direct", in relation to- (1) a firm. means a partner m the firm; (ii) a society or other associatiOn m individuals, means the person who is entrusted under the rules of the society or other associatiOn wtth the manage- ment of the affclirs of the society or other asso- ciation, as the case may be. * r I + •· ( 1 105