Section 581ZM(3) in The Companies (Amendment) Act, 2002
(3)If a director or officer of a Producer Company-(a)makes a default in handing over the custody of books of account and other documents or property in his custody to the Producer Company of which he is a director or officer; or(b)fails to convene annual general meeting or other general meetings, he shall be punishable with fine which may extend to one lakh rupees, and in the case of a continuing default or failure, with an additional fine which may extend to ten thousand rupees for every day during which such default or failure continues.CHAPTER IX AMALGAMATION, MERGER OR DIVISION
