(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 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.

(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 any Director or Manager or Secretary or any other officer, such Director or Manager or Secretary or such other officer of the company shall also be deemed to be responsible for the offence and such person shall be liable to be proceeded against and punished accordingly.

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.