Amendment status not verified — confirm the current text below against the official source.
(1) If the person committing an offence punishable under this Act or any rule made thereunder is a company, the company the company and every person who at the time the offence was committed was in charge of, and was responsible to the company for the conduct of business of the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished according1y: Provided that nothing contained in this Sub-section shall render any such person liable to any punishment if he proves that the offence was committed without 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 an offence punishable under this Act or any rule made thereunder has been committed with the consent or connivance of any director, manager, secretary or other officer shall be deemed to be guilt 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 arid includes a firm or other association of individuals; (b) “director” in relation to a firm means a partner in the firms. Compounding of offence