(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 incharge of, and was responsible to, the company for the conduct of 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 nothinp contained in this sub-section shall render anv - , such person liable to any punishment, ifhe proves that the offence was committedwithout his knowledpe or that he has exercised due diligence b to prevent the commission of such offence.
(2) Notwithstanding anything contained in subsection (1 0, 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, 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 purpose of this Section:
(a) "Company" means anybody corporate and includes firmor other association of individuals; and
(b) LLDire~t~r" in relation to a finn means a partner in the fm.