Amendment status not verified — confirm the current text below against the official source.
No suit, prosecution or other legal proceedings shall lie against any person for any- thing which is in good faith done or intended to be done under this Act or the rules made thereunder. . J!xemption!rom·-' .-' duty and fees. Protection of action taken in good faith. Offence by com- panies. Penalties. Power to remove difficulties. Power to make rules. Validation of acts done or payments realised before the commencement of this Act. If th,e p~rson co~:!:ittiTlg ~n offe~~~ ll~d~r this ~~t, or the :;ules thereunder is ~ ~.()l11p~~y,~\(en per~qp, ~~o at th~ Fime the ()ffel1<;~ ~~s committed, was In charge ?f, and was responsible to, th~ c()mp¥1Y for ~he conrluc' ..Jf the business' of the company, as well as the company, shall be deemed to be guilty of the cortrayention and shall be liable to be proceeded against and punished accordingly: , Provided t~at nothin~ cont~~n.edin tris sub-section ~hall re~der any such pers~n liable ~o a~y p~Tdshrnent ifh~ proves th~t t~e ?t:ence was com- mitted Without his knowledge orthat he exercised all ~1je 4pigence to pre- vent the commission of such offence. Notwithstanding anything contained in sub-section (I) where the offence under this Act or the rules made thereunder has been committed by a com- pany and it is proved that the offence has been committed ~ith the consent or connivance of, 'or is a~tributable to any negl~ct on the Bart of any director or manager, Secretary or other officer of the company such director, mana- ger, Secret arv 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 purposes ?f thi~ ~~ction.- (a) "company" means any body corporate and includes a firm or other asso- ciation of indtviduals , and (b~ "di~ector" in rela60~ to a fir~ means a parF~er in the firm.