(1)Where an offence under this Act has been committed by a. campany, every person who, at the time the offence was committed, was in charge of, and was responsible to the company for the conduct of its busmess, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:
Provided that nothing in this sub-section shall render any person hable to punishment if he proves that the offence was committed without his knowledge or that he had exerc1sed all due diligence to prevent the comm1ssion of such offence.
(2) Notwithstanding anything contained in sub-section (1), where any offence under this Act has been committed by a company and it is proved that the offence has been committed w1th 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 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, society or other association of individuals; and
(b) “director”,—
(i) in relation to a firm, means a partner in the firm;
(ii) in relation to a society or other association of individuals, means the person who is entrusted, under the rules of the society or other association, with the management of the affairs of the society or other association, as the case may be.