Amendment status not verified — confirm the current text below against the official source.
(1) Where an offence under this Act bas been committed by a company, every person who at the time the offence was committed was responsible to the company for the conduct of its business 21S well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly: O[ffcl1ces by Companies. (3) (b) (c) (2) 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 exercised all due diligence to prevent the commission of such offence. Notwithstanding anything contained in sub-section (1) where any 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 10 any neglect on the pari: of any director, manager, secretary or ojheroHlcer of the .: Power to arrest person commi- tting an offence and refusing 10 give name and address. Compounding of offences, 7 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) 'Company' means any body corporate and in- cludes a firm or other association of individuals; and (b) 'director' in relation to a firm means a partner in the firm.