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Offence committed by the Companies [ Section 39 ] - FCRA Ready Reckoner - FEMAExtract Offence committed by the Companies [ Section 39 of FCRA Act 2010 ] Where an offence under this Act or any rule or order made there under has been committed by a company every person, at the time the offence was committed, who was in charge of, and was responsible to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly. [ Section 39(1) ] Exception :- However, such person shall not liable to any punishment he prove that the offence was committed if he proves that the offence was committed without this knowledge or that he had exercised all due diligence to prevent the commission of such offence. [ Proviso of section 39(1) ] Notwithstanding anything contained in section 39( 1 ) , where an offence under this Act or any rule or order made thereunder has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attribute able to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly. [ Section 39(2) ] Explanation - For the purposes of this section, - ( a ) company means any body corporate and includes a firm, society, trade union or other association of individuals; and ( b ) director , in relation to a firm, society, trade union or other association of individuals, means a partner in the firm or a member of the governing body of such society, trade union or other association of individuals.
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