16. Act to have overriding effect.—The provisions of this Act shall have effect notwithstanding
anything inconsistent therewith contained in any law, other than this Act, or in any instrument having
effect by virtue of any law, other than this Act.
17. Penalties.—If any person,—
(a) makes any claim for any payment under this Act, knowing or having reason to believe that
such claim is false or without any basis; or
(b) when required under this Act so to do,—
(i) omits or fails to produce any register or record of the Company; or
(ii) makes any statement of furnishes any information which is false in any material particular
and which he knows or believes to be false or does not believe to be true; or
(c) makes any such statement as aforesaid in any book, account, record, register, return or other
document,
he shall be punishable with imprisonment for a term which may extend to two years, or with fine which
may extend to two thousand rupees, or with both.
18. Offences by companies.—(1) Where an offence under this Act 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, 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) Notwithstanding anything contained in sub-section (1), where any offence under this Act has been
committed with the consent or connivance of, or is attributable to any neglect on the part of, any director,
manager, secretary or other officer, such director, manager, secretary or other officer shall be deemed to
be guilty of that offence and shall be liable to be proceeded against the punished accordingly.
7
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.
19. Limitation of cognizance of offences.—No court shall take cognizance of an offence punishable
under this Act, except with the previous sanction of the Central Government or of an officer authorised by
that Government in this behalf.
20. Power to make rules.—(1) The Central Government may, by notification, make rules to carry
out the provisions of this Act.
(2) Every rule made by the Central Government under this Act shall be laid, as soon as may be after it
is made, before each House of Parliament, while it is in session, for a total period of thirty days which
may be comprised in one session or in two or more successive sessions, and if, before the expiry of the
session immediately following the session or the successive sessions aforesaid, both Houses agree in
making any modification in the rule or both Houses agree that the rule should not be made, the rule shall
thereafter have affect only in such modified form or be no effect, as the case may be; so, however, that
any such modification or annulment shall be without prejudice to the validity of anything previously done
under that rule.
21. Repeal and saving.—(1) The British India Corporation (Acquisition of Shares) Ordinance, 1981
(5 of 1981), is hereby repealed.
(2) Notwithstanding such repeal, anything done or any action taken under the Ordinance so repealed
shall be deemed to have been done or taken under the corresponding provisions of this Act.