Companies Act Section 378M — Concession etc., to be deemed to have been granted to Producer Company

CHAPTER XXI

Commercial / Corporate

Summary

From the date the inter-State co-operative society is transformed into a Producer Company, every financial or other concession, licence, benefit, privilege, and exemption that the society had under any current law—specifically those tied to the society’s affairs and business—will be treated as if they had been given to the Producer Company itself. In other words, the Producer Company automatically steps into the society’s shoes for these advantages, without needing any fresh grant or approval.

Official Text

With effect from the date of transformation, all fiscal and other concessions, licences, benefits, privileges and exemptions granted to the inter-State co-operative society in connection with the affairs and business of the inter-State co-operative society under any law for the time being in force shall be deemed to have been granted to the Producer Company.