Amendment status not verified — confirm the current text below against the official source.
(1) Ifthe person committing any offence punishable under this Act is a Company, every person, who at the time of commission of the offence, was in-charge of, and responsible to the Company for the conduct of its business, 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 8% such person liable to any punishment provided in this Act, if he proves thal al offence was committed without his knowledge or that he exercised all due diligence to prevent the commission of the oftence. (2) Notwithstanding anything contained in sub-section (1), whe a offence under this Act, has been committed by a Company and it is prove that the offence has been committed with the consent or connivance of: ©" y attributable to any negligence on the part of any Director, Manager, Sec! etary PUNJAB GOVT. GAZ. (EXTRA), JANUARY 04, 2013 (PAUSA 14, 1934 SAKA) or any other officer of the Company, such Director, Manager, Secretary or other officer, shall also 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)