Penalties and procedure

7. Penalties and procedure.- (1) Any person found guilty of an offence under this Act shall on conviction by a competent criminal court be punishable with imprisonment for a term which may extend to three years and shall also be liable to fine. (2) Where the person accused of an offence under this Act is a company or other body corporate, every director, manager, secretary or other officer thereof shall, unless he proves that the offence was committed without his knowledge or that he exercised due diligence to prevent the commission of the offence, be liable to the punishment provided for the offence. (3) No court shall take cognizance of any offence under this Act except upon complaint in writing made by a person authorised in this behalf by the State Government. (4) Notwithstanding anything contained in the Code of Criminal Procedure, 1898, an offence under this Act, shall be cognizable. (5) Any magistrate or bench of magistrates empowered for the time being to try in a summary way the offences specified in sub-section (1) of section 260 of the Criminal Procedure Code, 1898, may, if such magistrate or bench of magistrates think(s) fit, on application in this behalf by the prosecution, try any offence under this Act in accordance with the provisions contained in section 262 to 265 of the said Code.