Forward Contracts (Regulation) Act,1952
Act No : 74
Section :
Offences by companies.
22.Offences by companies.(1) Where an offence has been committed by a company, every person who, at the time the offence 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 exercised all due diligence to prevent the commission of such offence. (2)Notwithstanding 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 attributable to any gross negligence 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. 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. 1[22A.Power to search and seize books of account or other documents. (1) Any presidency magistrate or a magistrate of the first class may, by warrant, authorise any police officer not below the rank of sub-inspector to enter upon and search any place where books of account or other documents relating to forward contracts or options in goods entered into in contravention of the provisions of this Act, may be or may be reasonably suspected to be, and such police officer may seize any such book or document, if in his opinion, it relates to any such forward contract or option in goods. (2) The provisions of the Code of Criminal Procedure, 1898, (5 of 1898.) shall, so far as may be, apply to any search or seizure made under sub- ---------------------------------------------------------------------- 1 Ins. by Act 62 of 1960, s. 20, ---------------------------------------------------------------------- 124E section (1) as they apply to any search or seizure made under the authority of a warrant issued under section 98 of the said Code. 22B.Presumptions to be drawn in certain cases. (1) Where any books of account or other documents are seized from any place and there are entries therein making reference to quantity, quotations, rates, months of delivery, receipt or payment of differences or sale or purchase of goods or option in goods, such books of account or other documents shall be admitted in evidence without witnesses having to appear to prove the same ; and such entries shall be prima facie evidence of the matters, transactions and accounts purported to be therein recorded. (2) In any trial for an offence punishable under section 21, it shall be presumed, until the contrary is proved, that the place in which the books of account or other documents referred to in sub- section (1) were seized, was used, and that the persons found therein were present, for the purpose of committing the said offence.]
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