Amended and updated notes on section 378ZP of the Companies Act 2013 as amended by the Companies (Amendment) Act, 2020 and Company Rules made there under. Detail discussion on provisions and rules related to Strike off name of Producer Company.
Chapter XXIA PART-XI (Section 378ZP to 378ZR) of the Companies Act 2013 (CA 2013) deals with the provisions related to miscellaneous provisions. Section 378ZP of CA 2013 provides for Strike off name of Producer Company.
Recently, we have discussed in detail section 378ZO (Disputes) of CA 2013. Today, we learn the provisions of section 378ZP of the Companies Act 2013.
In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2020 (29 of 2020), the Central Government appoints the 11th February, 2021 as the date on which the provisions of section 52 of the Companies (Amendment) Act, 2020 shall come into force.
Accordingly, the provisions of section 378ZP are effective from 11th February, 2021. You may refer Notification No. S.O. 644(E) dated 11-02-2021. In this article, you will learn detail of the provisions of section 378ZP the Companies Act 2013.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | XXIA (PART-XI) |
| Chapter Name | Miscellaneous Provisions |
| Section No. | 378ZP |
| Section Name | Strike off name of Producer Company |
| Monthly Updated Edition | Company Law PDF |
Section 378ZP: Strike off name of Producer Company
Section 378ZP(1) of Companies Act
Where a Producer Company fails to commence business within one year of its registration or ceases to transact business with the Members or if the Registrar is satisfied, after making such inquiry as he thinks fit, that the Producer Company is no longer carrying on any of its objects specified in section 378B, he shall make an order striking off the name of the Producer Company, which shall thereupon cease to exist forthwith:
Provided that no such order cancelling the registration as aforesaid shall be passed until a notice to show cause has been given by the Registrar to the Producer Company with a copy to all its directors on the proposed action and reasonable opportunity to represent its case has been given.
Section 378ZP(2) of Companies Act
Where the Registrar has reasonable cause to believe that a Producer Company is not maintaining any of the mutual assistance principles specified, he shall strike its name off the register in accordance with the provisions contained in section 248.
Section 378ZP(3) of Companies Act
Any Member of a Producer Company, who is aggrieved by an order made under sub-section (1), may appeal to the Tribunal within sixty days of the order.
Section 378ZP(4) of Companies Act
Where an appeal is filed under sub-section (3), the order of striking off the name shall not take effect until the appeal is disposed of.