Producer Company penalties restructured into graded monetary defaults for name misuse, document custody failures, and meeting compliance. Section 378ZM of the Companies Act, 2013 is amended to replace criminal and fine-based consequences with graded monetary penalties for specified defaults relating to Producer Companies. Unauthorised use of a Producer Company name, failure to comply with the prescribed requirements, and defaults by directors or officers in handing over custody of books, documents or property or convening general meetings are each made subject to fixed penalties and continuing daily penalties, with specified maximum caps.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Producer Company penalties restructured into graded monetary defaults for name misuse, document custody failures, and meeting compliance.
Section 378ZM of the Companies Act, 2013 is amended to replace criminal and fine-based consequences with graded monetary penalties for specified defaults relating to Producer Companies. Unauthorised use of a Producer Company name, failure to comply with the prescribed requirements, and defaults by directors or officers in handing over custody of books, documents or property or convening general meetings are each made subject to fixed penalties and continuing daily penalties, with specified maximum caps.
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