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of <h1>Producer Companies Can Merge or Divide Under Section 581ZN with Two-Thirds Member Approval and Creditor Notification.</h1> Section 581ZN of the Companies Act, 1956 outlines the procedures for the amalgamation, merger, or division of Producer Companies. A Producer Company can transfer its assets and liabilities, merge with another, or divide into new entities by passing a resolution with a two-thirds majority at a general meeting. Members and creditors must be notified and can dissent within a month. The resolution becomes effective after one month or upon unanimous consent. The process involves regulatory compliance, protection of dissenting parties, and ensures existing rights and obligations remain unaffected. Appeals against such decisions can be made to the High Court.
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