Section 68(2) in The Foreign Exchange Regulation Act, 1973
(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-(i)"company" means any body corporate and includes a firm or other association of individuals; and(ii)"director", in relation to a firm, means a partner in the firm.
