Amendment status not verified — confirm the current text below against the official source.
Offences by Companies etc.: (1) Where an offence under this Act has been committed by a Company, the Company as well as every person in charge of and responsible to the Company for the conduct of its business at the time of commission of the offense, shall be deemed to be guilty of the offense and shall be liable to be proceeded against and punished accordingly. Provided that nothing contained in this sub-section shall render any such person liable to any punishment if he proves that the offense was committed without his knowledge or that he exercised all due diligence to prevent the commission of such offense. (2) Notwithstanding anything contained in sub-section (1), where an offense under this Act has been committed with the consent or connivance of, or that commission of the offence is attributable to any neglect on the part of, any Director, Manager, Secretary or other officer authorized in that behalf of the company, such Director, Manager, Secretary or such other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly. Explanation: For the purposes of this section:- (a) "Company" means any body Corporate and includes a firm or other association ofindividuals; and (b) 'Director" in relation to a firm means a partner in the firm