(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.
(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 Member 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.
(3) If a director or officer of a Producer Company--
(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
(b) fails to convene annual general meeting or other
general meetings, he 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.]
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1. Ins. by Act 29 of 2020, s. 52 (w.e.f. 11-2-2021).
Section 378ZA Annual general meetings
Section 378ZC Special user rights
Section 378ZD Transferability of shares and attendant rights
Section 378ZE Books of account
Section 378ZG Duties of auditor under this Chapter
Section 378ZH Donation or subscription by Producer Company
Section 378ZI General and other reserves
Section 378ZJ Issue of bonus shares
Section 378ZK Loan, etc., to Members
Section 378ZL Investment in other companies, formation of subsidiaries, etc