Corporate liability for contraventions: officers and company may face prosecution unless due diligence is proved in defence. Liability for breaches of the Depositories Act rests on the company and any person responsible for its business at the time of the contravention, who are deemed guilty and liable to proceedings unless the person proves lack of knowledge or that all due diligence was exercised. If a contravention is committed with the consent or connivance of, or attributable to neglect by, any director, manager, secretary or other officer, that officer is also deemed guilty and liable. 'Company' includes bodies corporate, firms and other associations; a partner in a firm is treated as a director.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Corporate liability for contraventions: officers and company may face prosecution unless due diligence is proved in defence.
Liability for breaches of the Depositories Act rests on the company and any person responsible for its business at the time of the contravention, who are deemed guilty and liable to proceedings unless the person proves lack of knowledge or that all due diligence was exercised. If a contravention is committed with the consent or connivance of, or attributable to neglect by, any director, manager, secretary or other officer, that officer is also deemed guilty and liable. "Company" includes bodies corporate, firms and other associations; a partner in a firm is treated as a director.
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