"1(1) Where any offence punishable under this Act has been committed by a Company or Partnership firm, every person who at the time of the offence is committed, is in charge of, and is responsible to the Company for the conduct of the business of the Company, or Partnership or Partnership firm shall be deemed to have committed an offence under this Act: "
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), in relation to any offence committed under this Act by a Company or Partnership firm, it is proved that the offence has been committed with the consent or connivance of or is attributable to any negligence on the part of any Director, Manager, Secretary or any other officer or Partner individually or collectively shall also be deemed to have committed an offence under this Act Explanation:
For the purposes of this Section:-
(a)Company means a body corporate and includes a firm or an association of individuals;
(b) Director in relation to a company also includes Managing Director; and
(c) Partner in relation to a Partnership firm includes managing partner.