Amendment status not verified — confirm the current text below against the official source.
Offmces by companies -(I) If the person commttting any offf'nce under thi~ Act 1s a company, the comp.my as wt>ll as every per~on 111 ch<trgc of and responstble to the company for the conduct of' Its busines~ at the tiwe of the commissiOn of the offence ~hall be deemed to be guilty of the offenc; and shall be Iaible to be proceeded against and punished accordingly : Provrded thct t nothing contained in this sub-section shall rendet any such person hable to any punishment, If he proves th:tt the offence wa<; cornm.ttc-d wtth hlt his knowledge, or that he cxerct~cd ~all the drhgence to prevent the co.n•mssion of such offence. / tOO (2) Notwithstanding anything contained m sub-section (1), where any offence under this Act, ha; been cornmtttcd by a company, and It is proved that the offence has b~en commllt~d with the consent or conmvance r of, or that the commission of the offence is attributable to any neglect on the part of any DtrectCJr, 1\hn~gcr, Sectetiiry or othet offi:er of the com- pany, such Director, M::tnag~r, Sec1etarv or other officer shall be de~med so be guilty of that oftence and slud I be hank to be proceeded against nd pumshed accordmgly Explanatwn -For the pUtpose.of th1s section- (a) 'co npany' means any body cm porate and includes a firm or other association of mdtviduals, and .. · (b) 'director' in relation to a firm. means partner in the firm 62 Comprmt10n of offences -The Managtng Dtrertor or any othe1 officer of the Authority authorised by 1t by general or spec1al order in that behalf may eithet before or after mstitution of the procecdmgs, compound any offence puni<;hable under ti11S :-~ct on such terms mcludmg payment of such com~osuion fee as he may thmk fit