Section 378ZM - Penalty for contravention - Companies Act, 2013

1 [ PART VIII PENALTIES Penalty for contravention. 378ZM. (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. ] ************* NOTES:- 1. Inserted vide THE COMPANIES (AMENDMENT) ACT, 2020 dated 28-09-2020