Amended and updated notes on section 378Z 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 Voting rights.
Chapter XXIA PART-III (Sections 378O to 378Z) of the Companies Act 2013 (CA 2013) deals with the provisions related to management of producer company. Section 378Z of CA 2013 provides for Voting rights.
Recently, we have discussed in detail section 378Y (Quorum) of CA 2013. Today, we learn the provisions of section 378Z 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 378Z 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 378Z the Companies Act 2013.
Section 378Z: Voting rights
Save as otherwise provided in sub-sections (1) and (3) of section 378D, every Member shall have one vote and in the case of equality of votes, the Chairman or the person presiding shall have a casting vote except in the case of election of the Chairman.