Penalties

(1) If any person contravenes or abets contravention of any of the provisions of this Act or the rules made thereunder, he shall be punished with imprisonment for a term which may extend to two years or with fine which may extend to fifty thousand rupees, or with both. (2) If the person punishable under sub-section (1) is a company or other body corporate, every Director, Manager, Secretary, other Officer or Agent, thereof shall, unless he proves that the contravention took place without his knowledge and that he exercised all due diligence to prevent such contravention, be deemed to be guilty of such contravention.