Section 378ZM Penalty for contravention
- Chapter
- XXIA · Producer Companies
- Amendments
- 1
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021378ZM. Penalty for contravention.—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(1) If any person, other than a Producer Company registered under this Chapter, carries on business under any name which contains the words "Producer Company Limited", he shall be punishable with fine which may extend to ten thousand rupees for every day during which such name has been used by him.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(2) If a director or an officer of a Producer Company, who wilfully fails to furnish any information relating to the affairs of the Producer Company required 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. or a person duly authorised in this behalf, he shall be liable to imprisonment for a term which may extend to six months and with fine equivalent to five per cent. of the turnover of that Company during the preceding financial year.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(3) If a director or officer of a Producer Company—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(a) fails to hand over the custody of books of account and other documents or property in his custody to the Producer Company of which he is a director or officer; or
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(b) fails to convene annual general meeting or other general meetings,
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021he shall be punishable with fine which may extend to one lakh rupees, and in the case of a continuing default or failure, with an additional fine which may extend to ten thousand rupees for every day during which such default or failure continues.