Offences by companies

Corporate195946 sections

Statutory text

(1) If the person committing an offence under this Act is a company, every person who, at the time the offence was committed, was incharge of, and was responsible to the company or the conduct of the business of the company 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 punishment if he proves that the offence was committed without his knowledge or that he excercised all due diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section (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, such director, manager, secretary or other officer, as the case may be, 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 or individuals; and
- (b) "director," in relation to a firm, means a partner in the firm.

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