Section 378ZP Strike off name of Producer Company
- Chapter
- XXIA · Producer Companies
- Amendments
- 1
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021378ZP. Strike off name of Producer Company.—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(1) Where a Producer Company fails to commence business within one year of its registration or ceases to transact business with the Members or if the Registrar is satisfied, after making such inquiry as he thinks fit, that the Producer Company is no longer carrying on any of its objects specified in section 378B, he shall make an order striking off the name of the Producer Company, which shall thereupon cease to exist forthwith:
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021Provided that no such order cancelling the registration as aforesaid shall be passed until a notice to show cause has been given by the Registrar to the Producer Company with a copy to all its directors on the proposed action and reasonable opportunity to represent its case has been given.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(2) Where the Registrar has reasonable cause to believe that a Producer Company is not maintaining any of the mutual assistance principles specified, he shall strike its name off the register in accordance with the provisions contained in section 248.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(3) Any 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. of a Producer Company, who is aggrieved by an order made under sub-section (1), may appeal to the Tribunal within sixty days of the order.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(4) Where an appeal is filed under sub-section (3), the order of striking off the name shall not take effect until the appeal is disposed of.