Amendment status not verified — confirm the current text below against the official source.
Offences by coU!pames.-(1) Where an offence under this Act has been committed by a company, every person who at the time the offence was committed was incharge of, and was respons1ble to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shaH be liable to be p1 oceeded against and punished accordmgly: • • ProvideCi that nothing contained in this sub-section shall render any such person liable to any punishment, if he proves that the offence was committed w1thout his knowledge or that he had exerCised all due diligence to prevent the commission of such offence. ' (2) Notwithstanding anything contained in sub-section (1), where any offenc.e under this Act has been committed by a company and it is proved that the offence has been c01runitted with the consent or connivance of, or 1s attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such d1rector, manager, secretary or other officer shall be deemed to be guilty of that offence and shdl be liable to be proceeded against and punished accordingly. A Explanation.-For the purposes of this section,- ' , (a) "company" mt"ans any body corporate and includes a firm or other association of individuals; I (b) "director", m relation to a firm, means a partner in the firm. , .