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of <h1>Section 24 of Securities Contracts Act: Companies and Individuals Liable for Violations; Due Diligence Defense Available</h1> Section 24 of the Securities Contracts (Regulation) Act, 1956, addresses contraventions by companies. It holds both the company and individuals responsible for business conduct accountable for violations of the Act or related rules. Individuals can avoid liability by proving lack of knowledge or due diligence. If a contravention is due to consent, connivance, or gross negligence by directors or officers, they are also deemed guilty. The term 'company' encompasses corporate bodies, firms, and associations, while 'director' includes partners or controlling members. These provisions are supplementary to Section 22A.
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