Amendment status not verified — confirm the current text below against the official source.
(1) Where an oi cnce against any of the provisions ot this Act ~r any rule made thereunder has been committed by a ampany, every person who at the tirno the offence was committed, was in charge of, and was responsi- ble to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the oflcnce and ~11~11 bo liable to be proceeded against and punished accordingly . Provided that nothing contained in tnis sub-section shall rendcr any such person liable to any punishment provided in this Act if 110 proves that the offence was committed without his knowledge or that he has exercised all due diligence to prevent the commission of such offence. (2) Notwithstanding anything contained in sub-section (I) where any such offence under this Act has been committed by a company and it is pro- ved that the offence has been committed with the consent or connivance of, or is attributable to any negligence on the part of any director, manager, secretary or other officer of the compaay, such director, manager, secretary or other officer of the company shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly. Bxplanation.--For the purpose of this section,- (a) "company" means a body corporate and includes a trust, a fim. a scciety or other association of ineividuais ; and I (b) "director" in relation to- I (i) a fi:m means a partner in the firm ; (ii) a society, a trust or other association of individuais, means the person who is entrusted under the rules of the society, trust or other assnciation &it4 the management of the affairs of the society, t m t or other associat~on, as tfn case may bg. TAMIL NADU GOVERNMENT GAZE'iTE E CHAPTER Xi MIS-LANE0 US.