(1) If the person committing an offence under this Act is a company every person who, at the time 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 of the offence 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 Act if he proves that the offence was committed without his knowledge or that he exercised all due "diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section (1) where an 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 butable 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 liable to be proceeded against and punished accordingly.
(3) Every company shall at such interval as may be prescribed file a state- ment, with the Authority, specifying the name, designation and address of the person or persons in charge of and responsible to such company for the con- duct of its affairs in relation to matters provided under this Act.
Explanation-For the purposes of this section:
(a) "company" means a 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.