Under Section 70 of PMLA, when a company commits a

Solution

Section 70(1) of PMLA provides that where a person committing a contravention of any provision of the Act or any rule, direction or order made thereunder is a company, every person who at the time of the contravention was in charge of, and was responsible to the company for the conduct of its business as well as the company itself, shall be deemed to be guilty and liable to be proceeded against and punished accordingly. The proviso grants protection if the person proves the contravention took place without his knowledge or that he exercised all due diligence to prevent it. Section 70(2) extends liability to directors, managers, secretaries, or other officers if the contravention was with their consent, connivance, or negligence. 'Company' under this section includes firms or associations of individuals.