Lawgist25Offences by companies
(1) Where an offence 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 provided for the offence, if he has proved 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 an offence 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 also be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly.
Explanation.--For the purposes of this section,--
(a) "company" means any 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.
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- 13 Constitution of Approval Committee
- 14 Powers and functions of Approval Committee
- 15 Setting up of Unit
- 16 Cancellation of letter of approval to entrepreneur
- 17 Setting up and operation of Offshore Banking Unit
- 18 Setting up of International Financial Services Centre
- 19 Single application form, return, etc
- 20 Agency to inspect
- 21 Single enforcement officer or agency for notified offences
- 22 Investigation, inspection, search or seizure
- 23 Designated Courts to try suits and notified offences
- 24 Appeal to High Court
- 25 Offences by companies
