Amendment status not verified — confirm the current text below against the official source.
otYences by. Compaaies: (1, Where an offence under this Acthas been corimritted by a company, every person who, at the time the offence was committed, was in charge of~ and was reapohsible 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 offence and shall be liable to be. proceeded against and punished accordingly. ProVided that nothing contained in this sub-.sectionshall render any such person liaqle to any punishment provided in this Act 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; (2) Notwithstanding anything contained in sub·section (l)J :where an offence under this Act has b~n committed by a Company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of any director, manager, secretary or other officer of the com~y, such dir~tor, manager. secretary or other officer shall also be deemed gLtilty of tha.t offence and shall be liable to be proceeded against and punished accordingly. Explanation:~ For the purpose of this section~ (a) ((Company" - means a body corporate and includes a fmn or other association ofindividuals, and (b) "Director" in relation to a firm means a partne~ in the finn.