Section 24(3) in The Industries (Development And Regulation) Act, 1951
(3)Notwithstanding anything contained in sub-section (2), 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 neglect on the part of, any director or 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 also 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 individuals; and(b)"director "in relation to a firm means a partner in the firm.[24-A. Penalty for false statements .-If any person,-(a)when required by this Act or by any order under this Act to make any statement or furnish any information, makes any statement or furnishes any information which is false in any material particular and which he knows or has reasonable cause to believe to be false or does not believe to be true; or(b)makes any such statements as aforesaid in any book, account, record, declaration, return or other document which he is required by any order made under this Act to maintain or furnish, he shall be punishable with imprisonment which may extend to three months, or with fine which may extend to two thousand rupees, or with both.]
