(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 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, 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 or manager or 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 any body corporate and a firm or other association of individuals; and
(b) "director", in relation to a firm, means a partner in the firm.
14. The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any law other than this Act or in any instrument having effect by virtue of any law other than Offences by companies.
Act to have overriding effect.
177 The Basumati Private Limited (Acquisition of Undertaking) Act , 1974.
30007 of 1974.]
(Sections 15-17. ) Protection of action taken in good faith.
Power to remove difficulties.
Power to make rules.
this Act or in any decree or order of any court, tribunal or other authority.