Section 581L(3) in The Companies (Amendment) Act, 2002
(3)Without prejudice to the provisions contained in sub- section (2), all debts, liabilities and obligations incurred, all contracts entered into and all matters and things engaged to be done by, with or for, the society as on the transformation date for or in connection with their purposes, shall be deemed to have been incurred, entered into, or engaged to be done by, with or for, the Producer Company.
