Section 58C(2) in The Reserve Bank of India Act, 1934
(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 same was committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary, or other officer or employee of the company, such director, manager, secretary, other officer or employee shall also be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly.Explanation 1.— Any offence punishable under this Act shall be deemed to have been committed at the place where the registered office or the principal place of business, as the case may be, in India, of the company is situated.Explanation 2.— For the purpose of this section,—(a)“a company” means any body corporate and includes a corporation, a non-banking institution, a firm, a co-operative society or other association of individuals;(b)“director”, in relation to a firm, means a partner in the firm.
