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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 378N: how directors, officers and employees are treated when inter-State co-operative converts into Producer Company</h1> Section 378N governs the treatment of directors, officers, and employees when an inter-State co-operative society is transformed into a Producer Company. Existing directors continue in office for one year from transformation. Non-director officers and employees automatically become employees of the Producer Company on identical tenure, remuneration, and service conditions, including all benefits, unless they opt out, in which case they are deemed to have resigned. Transfer of service does not give rise to any compensation claims under labour or other laws. Retired employees retain their benefits from the Producer Company. Existing provident, gratuity, and welfare trusts continue with existing tax exemptions. Directors and key managerial persons are denied compensation for loss of office.
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