In case any firm, company or corporate
body commits any act that is deemed to be an offence under this chapter, the
partners at the time of commission of the act in case of a firm and the person
acting as the principal official in case of a company or a corporate body shall be
deemed to have committed the offence.
Provided that, in case it is proved that such act has been committed prior to
the appointment of the person acting as the principal official, the person who has
committed the act shall be deemed to have committed the offence.
Explanation: For the purpose of this Section, the “the person acting as the
principal official” means the Chairman, Board Member, General Manager,
Managing Director or the Official of a company or corporate body working in
the same capacity.