Section 46

Where an offence under this Act or the regulations made under this Act has been committed by a company, a firm, a society, an association or other body of persons, any person who at the time of the commission of the offence was a director, partner, manager, secretary or other similar officer of the company, firm, society, association or other body of persons or was purporting to act in any such capacity or was in any manner or to any extent responsible for the management of any of the affairs of the company, firm, society, association or other body of persons or was assisting in such management, shall be deemed to be guilty of the offence unless he proves that the offence was committed without his knowledge, consent or connivance and that he had exercised due diligence to prevent the commission of the offence as he ought to have exercised, having regard to the nature of his functions in that capacity and to all the circumstances.