(1) Every Producer Company having an average annual turnover exceeding five crore rupees or such other amount as may be prescribed in each of three consecutive financial years shall have a whole-time secretary.
(2) No individual shall be appointed as whole-time secretary unless he possesses membership of the Institute of Company Secretaries of India constituted under the Company Secretaries Act, 1980 (56 of 1980).
(3) If a Producer Company fails to comply with the provisions of sub-section (1), the Company and every officer of the Company who is in default, shall be liable to a penalty of one hundred rupees for every day during which the default continues subject to a maximum of rupees one lakh:
Provided that in any proceedings against a person in
respect of a default under this sub-section, no penalty
shall be imposed if it is shown that all reasonable efforts
to comply with the provisions of sub-section (1) were taken
or that the financial position of the Company was such that
it was beyond its capacity to engage a whole-time secretary.
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1. Ins. by Act 29 of 2020, s. 52 (w.e.f. 11-2-2021).
Section 378O Number of directors
Section 378P Appointment of directors
Section 378Q Vacation of office by directors
Section 378R Powers and functions of Board
Section 378S Matters to be transacted at general meeting
Section 378T Liability of directors
Section 378U Committee of directors
Section 378V Meetings of Board and quorum
Section 378W Chief Executive and his functions