(1) Where any offence under this Act is committed by a company, firm or association of persons—

(a) the said company, firm or association shall only be fined; and

(b) every such person who is directly responsible for the management of the company or business related thereto, or for the management or exercise of power of the firm or private association, shall be punished with rigorous imprisonment for a term not exceeding 6 (six) years, but not less than 6 (six) months, and with fine.

(2) Every company, firm or association of persons and every person referred to in clause (b) of sub-section (1) shall, subject to the provisions of this Act, be prosecuted and punished accordingly.

(3) The person mentioned in clause (b) of sub-section (1) shall not be punished if he is able to prove that—

(a) the offence was committed without his knowledge, consent or implied consent;

(b) the offence was not committed by reason of any negligence on his part; and

(c) he made due diligence to prevent such an offence.