Section 26. Offences by the Companies.

Where an offence punishable under this Act has been committed at any time by a company, every person who at the time the offence has committed, was in-charge of, and was responsible to company for the conduct of its business shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly : Provided that where any offence under this Act has been committed by a company and it is proved that the commission of the offence is with the consent or connivance or is attributable to any neglect on the part of any Director, Manager, Secretary or other officer of the company 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 includes a firm or other association of individuals ; and (b) “Director” in relation to a firm means the partner in the firm.