Amendment status not verified — confirm the current text below against the official source.
Offences by Companies :- (1) Where an offence under this Act has been commited by a Company; every person who, at the time of offence, was in charge of and was resposible to the company for the conduct of business of Ex-148/1992 - 7 - the Company, as well as the Company, shall be deemed to be guilty 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 person sub-section shall ren- der any person liable to any punishment provided in this Act if he proves that the offence was committed without his knowledge or that he exercised all due deligence to prevent the commission of such offence. (2) Notwithstandiag anything contained in 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 attributable to any neglect on the part of any director, manager, secretary or other officer shall be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly. Explanation:- For the purpose of this section- (a) “ company” means any body corporate, and includes a firm or order association of individu- als; (b) “director” in relation to a firm, means a partner in the firm.