Offences by companies

(1) If the per>on committing an offence under this Act is a company, every person who at the time the offence was conunitted was in charge of and responsible to the company for the conduct of its business 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-section shall render any such person liable to any punishment provided in this Act ifhe proves that the offence was committed without his knowledge or that he exercised all due diligence to prevent the commission of such offence. (2) Notwithsta.'lding anything contained in sub-section (1) where an offence under this Act has been committed by a company and it 1s proved that the offence has been conunitted 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 company, such director, manager, secretary or 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 purpose of this section- (a) "company" means a body corporate and includes a firm or other association of individuals; and (b) "director" in relation to a fum means partner in the firm.