Amendment status not verified — confirm the current text below against the official source.
‘Offences by compantes,—(1) Where an offence under this Act has been. committed. by a company, every person who at the time the offence was committed, was in charge of, and was responsible to the Company for the con- duct of the business of Company, 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 stib-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 afl due diligence to prevent the ‘Commission of such offence. (2) Notwithstanding anything contained in sub-section (1) where an 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 aitri- , butable to any neglect om the part of, any director, ninager, Secretary or other officer shall aiso be deemed to be guilty of that offence and shall be liable ‘to be proceedéd against and punished accordingly. 12 Explanation,—For the purpose of this section,— (a) “company” means any body corporate and includes a frm or other association of individuals ; and (b) “Director”, in relation to a firm, means a partner in the firm.