Section 378Z-O Disputes
- Chapter
- XXIA · Producer Companies
- Amendments
- 1
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021378Z-O. Disputes.—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(1) Where any dispute relating to the formation, management or business of a Producer Company arises—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(a) amongst Members, former Members or persons claiming to be Members or nominees of deceased Members; or
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(b) between a MemberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records., former MemberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records. or a person claiming to be a MemberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records., or nominee of deceased MemberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records. and the Producer Company, its Board of Directors, office-bearers, or liquidator, past or present; or
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(c) between the Producer Company or its Board, and any director, office-bearer or any former director, or the nominee, heir or legal representative of any deceased director of the Producer Company, such dispute shall be settled by conciliation or by arbitration as provided under the Arbitration and Conciliation Act, 1996 (26 of 1996) as if the parties to the dispute have consented in writing for determination of such disputes by conciliation or by arbitration and the provisions of the said Act shall apply accordingly.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021Explanation.—For the purposes of this section, a dispute shall include—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(a) a claim for any debt or other amount due;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(b) a claim by surety against the principal debtor, where the Producer Company has recovered from the surety amount in respect of any debtor or other amount due to it from the principal debtor as a result of the default of the principal debtor whether such debt or amount due be admitted or not;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(c) a claim by Producer Company against a MemberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records. for failure to supply produce as required of him;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(d) a claim by a MemberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records. against the Producer Company for not taking goods supplied by him.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(2) If any question arises whether the dispute relates to formation, management or business of the Producer Company, the question shall be referred to the arbitrator, whose decision thereon shall be final.