Amendment status not verified — confirm the current text below against the official source.
(1) Where an offence against any of the provisions of this Act or any rule made thereunder has been committed by a company, every person, who at the time when the offence was committed, was incharge of, and was responsible to the company for the conduct, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly. Offences and punishments. Penalty for abetters. Offences by Companies. [Act No.24 of 1997] 7 (2) Notwithstanding-anything in-sub-section (1) where any such offence has been committed by a company and it is proved that the offence has been committed with the consent or connivance of or is attributed to any neglect on the part of, any Director, Manager, Secretary or other officers of the company, they shall be liable to be proceeded against and punished accordingly. Explanation:- For the purpose of this section,- (a) “Company” means a company as defined in 7the Companies Act, 1956 and includes a University, a firm, a society or other association of individual; and (b) “Director” in relation to,- (i) a „firm‟ means a partner in the firm; (ii) a university, a society or other association of individuals means the person who is entrusted with the power to make appointments in the case of a university under the concerned law under which the university is established and in other cases under the rules of the society or other association, as the case may be.