(1) Where a contravention of any of the provisions of this Regulation or of any order, notification or rules issued or made thereunder or any of the conditions of the licence granted under this Regulation has been committed, by a company, every person who, at the time the contravention was committed was in-charge of, and was responsible to the company for the conduct of the business of the company as well as the company, shall be deemed to be guilty of the contravention 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 Regulation, if he proves that the contravention was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such contravention.
(2) Notwithstanding anything contained in sub-section (1), where any such contravention under this Regulation 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 shall be deemed to be guilty of that contravention and shall be liable to be proceeded against and punished accordingly.
Explanation.––For the purposes of this section, the expressions––
(a) “company” means any body corporate and includes a firm or other association of individuals; and
(b) “director”, in relation to a firm, means a partner in the firm.
CHAPTER V MISCELLANEOUS