law: Securities and Exchange Board of India Act, 1992
  27.Offences by
  
  companies.- 
  (1) Where an offence
  
  under this Act 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 offence and shall be liable to be proceeded
  
  against and punished accordingly:
  Provided  that nothing contained in this sub-section shall render any such person
  
  liable to any punishment provided in this Act, if he proves that the offence
  
  was committed without his knowledge or that he had exercised all due diligence
  
  to prevent the commission of such offence.
  (2) Not withstanding
  
  anything contained in sub-section (1), where an offence under this Act 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 to any neglect on the part
  
  of any director , manager, secretary or other officer shall also be deemed to
  
  be guilty of the offence and shall be liable to be proceeded against and
  
  punished accordingly.
  
  Explanation.-- For the purposes of this section,--- 
  (a)
  
  "company" means any body corporate and includes a firm or other
  
  association of individuals; and
  (b)
  
  "director", in relation to a firm, means a partner in the firm.