Section 378ZQ of The Companies Act, 2013: Explained in Simple Language
What is it?
Section 378ZQ is a legal provision within The Companies Act, 2013, specifically addressing Producer Companies. It essentially states that the rules outlined in Chapter XXIA of the Act override any conflicting laws or regulations.
In simpler terms:
- This section ensures that Producer Companies operate under the specific rules defined in Chapter XXIA, regardless of any existing laws or regulations that might contradict them.
- However, if there are any laws or regulations that don’t contradict Chapter XXIA, they will still apply to Producer Companies.
When was it introduced?
- Section 378ZQ was inserted through an amendment to the Companies Act in 2020.
- This amendment took effect on February 11, 2021.
Section 378ZQ The Companies Act, 2013 : Legal Text
Provisions of this Chapter to override other laws
The provisions of this Chapter shall have effect notwithstanding anything inconsistent therewith contained in this Act or any other law for the time being in force or any instrument having effect by virtue of any such law; but the provisions of any such Act or law or instrument in so far as the same are not varied by, or are inconsistent with, the provisions of this Chapter shall apply to the Producer Company.]
Amendment
1. Inserted by Companies(Amendment) Act 2020 Dated 29.09.2020 Amendment Effective from 11th February 2021
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