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of <h1>Corporate officers liable for Depositories Act violations unless they prove due diligence under Section 21</h1> Section 21 of the Depositories Act, 1996 establishes corporate liability for contraventions. When a company violates provisions of the Act or related rules, both the company and persons in charge of business conduct are deemed guilty and liable for punishment. However, individuals can avoid liability by proving the contravention occurred without their knowledge or that they exercised due diligence to prevent it. Additionally, directors, managers, secretaries, or officers who consent to, connive in, or neglect their duties regarding contraventions are also liable for punishment.
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