(1) Where an offence under this Act has been committed by a company, every person, who, at the time when the offence 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 or the offence and shall be liable to be proceeded against and punished accordingly :
Delegation of powers.
Penalties.
Offences by companies.
1986 : Mah.XLVI] Central India Spinning, Weaving and Manufacturing 17 Company Limited, The Empress Mills, Nagpur (Acquisition and Transfer of Undertaking) Act, 1986.
Provided that, nothing contained in this sub-section shall render any such person liable to any punishment, if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission 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 with 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 the offence and shall be liable to be proceeded against and puished accordingly.
Explanation.—For the purposes of this section,—
(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.
32. No proceeding for the winding up of the company, the right, title and interest in relation to the undertaking owned by which, have vested in the State Government or the Corporation or the new Government company under this Act shall lie or be proceeded with in any Court except with the consent of the State Government.