Where a person committing a contravention of any of the provisions of this Act or of any rule, direction or order made there under is a company, every person who, at the time the contravention was committed, 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 contravention and shall be liable to be proceeded against and punished accordingly.
However any such person will not be liable to punishment if he proves that the contravention took place without his knowledge or that he exercised due diligence to prevent such contravention.
Where a contravention of any of the provisions of this Act or of any rule, direction or order made thereunder has been committed by a company and it is proved that the contravention has taken place with the consent or connivance of, or is attributable 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 the contravention and shall be liable to be proceeded against and punished accordingly.
The same provisions also apply to a firm or other association of individuals.
Notwithstanding anything contained in any other law for the time being in force, no court shall take cognizance of an offence under FERA and no adjudicating officer shall take notice of any contravention under section 51 of the repealed FERA after the expiry of a period of two years from the date of the commencement of this Act.
If any difficulty arises in giving effect to the provisions of this Act, the Central Government by order do anything not inconsistent with the provisions of this Act for the purpose of removing the difficulty.The Central Government may by notification make rules to carry out the provisions of this Act.The Reserve Bank may by notification make regulations to carry out the provisions of this Act and the rules made thereunder.
However any such person will not be liable to punishment if he proves that the contravention took place without his knowledge or that he exercised due diligence to prevent such contravention.
Where a contravention of any of the provisions of this Act or of any rule, direction or order made thereunder has been committed by a company and it is proved that the contravention has taken place with the consent or connivance of, or is attributable 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 the contravention and shall be liable to be proceeded against and punished accordingly.
The same provisions also apply to a firm or other association of individuals.
Notwithstanding anything contained in any other law for the time being in force, no court shall take cognizance of an offence under FERA and no adjudicating officer shall take notice of any contravention under section 51 of the repealed FERA after the expiry of a period of two years from the date of the commencement of this Act.
If any difficulty arises in giving effect to the provisions of this Act, the Central Government by order do anything not inconsistent with the provisions of this Act for the purpose of removing the difficulty.The Central Government may by notification make rules to carry out the provisions of this Act.The Reserve Bank may by notification make regulations to carry out the provisions of this Act and the rules made thereunder.
Laws relating to contravention of provisions under FERA
![Laws relating to contravention of provisions under FERA]()
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