law: Foreign Exchange Management Act, 1999 
  42. Contravention by companies 
  (1) Where a person committing a contravention of any of the
  
  provisions of this Act or of any rule, direction or order made  thereunder 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:
  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 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 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.
  Explanation.-  For the purposes of this section- 
  1. "company" means any body
  
  corporate and includes a firm or other association of individuals; and
  2. "director", in relation to a
  
  firm, means a partner in the firm.