Amendment status not verified — confirm the current text below against the official source.
Penalties and procedure. (1} Any person found guilty of an offence under this Act shall, on conviction, be punishable with imprisonment for a term which may extend to three years or with fine which may extend upto Rs. 10,000/- (Rupees Ten Thousand) or with both. (2) Where an offence under this Act has been committed by a company, every person in-charge of, or responsible to the company or to any particular section of the company responsible for the conductof its business or for conduct of part ofits business at the time of the commission of the offence shall be liable to be proceeded against and be punished accordingly; 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. Tripura Gazette, Extraordinary Issue, October 4, 2019 A.D. Explanation. — For the purposeofthis section.- (a) "company" means any body or corporate, and includes a firm or other association of individuals and (b) "director" in relation to a firm means a partner in the firm. (3) The offences under this Act shall be cognizable and bailable. (4) Any First Class Magistrate may take cognizance and pry suchcases.