Chapter VI OFFENCES AND PENALTIES

23. Whoever contravenes any of the provision of this Act or rule, regulation, bye-law or scheme made or sanctioned thereunder shall be punishable with imprisonment for a term which may extend to one year or with fine which may extend to ten thousand rupees or with both and in the case of continuing contravention, with additional imprisonment for a term which may extend to six month or with fine which may extend to five thousand rupees or with both for each day after the first during which the contravention continues.

24.

1. (1) If the person committing an offence under this Act is a company, every person who at the time the offence was committed 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 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. (2) Notwithstanding anything contained in sub-section
3. (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 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 firm means partner in the firm.

25.

Fines realized to be credited to the Fund 26. All fines realized in connection with prosecutions under this Act shall be credited to the Authority Fund.