law: Payment and Settlement Systems Act, 2007
  27. Offences by
  
  companies. -
  
  1.  
  
    Where
  
  a person committing a contravention of any of the provisions of this Act or any
  
  regulation, direction or order made thereunder is a company, every person who,
  
  at the time of the contravention, was in-charge of, and was responsible to, the
  
  company for the conduct of business of the company, as well as the company,
  
  shall be guilty of the contravention 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 punishment if he proves that
  
  the contravention took place without his knowledge or that he exercised all due
  
  diligence to prevent such contravention.
  2.  
  
    Notwithstanding
  
  anything contained in sub-section (1), where a contravention of any of the
  
  provisions of this Act or of any regulation, 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.
  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.