(1) Where an offence under this Act has been committed by a company, every person, who at the time the offence was committed, was in-charge of, and was res onsible to, the company for the conduct of the business of the company, as well as ?i e company, shall be deemed to be guilty of the offence and shall be liable to be broceeded against and punished accordingly :
Provided that nothing ccntained 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) '~otwithstandin~ 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 that offence and shall be liable to be nroceeded against and p~nished~accordingly.
Explanation.-For the purposes of this section,-
(a) "Company" means any body oorporate and includes a firm, soaety or other association of individuals; and
(b) "director" in relation to-
(i) a "W' means a partner in the firm,
(ii) a "society or other association of individuals," means the person who 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 bc.