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of <h1>Producer Companies Can Reconvert to Co-ops with Member or Creditor Approval Under Section 378ZS of Companies Act, 2013</h1> Section 378ZS of the Companies Act, 2013, outlines the process for a Producer Company to reconvert to an inter-State co-operative society. This can occur if a resolution is passed by two-thirds of its members or requested by creditors representing three-fourths of the total value. The Tribunal oversees the process, requiring disclosure of all material facts about the company. If approved, the order must be filed with the Registrar. Non-compliance results in fines. The company must then register under the Multi-State Co-operative Societies Act, 2002, or similar legislation within six months and report to the Tribunal and relevant registrars.
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