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Producer Company Registration
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A producer company is basically a company registered to deal with the primary production of its active member related to farming.It is governed by the provisions under chapter IXA of The Companies Act, 1956. Producer Company can only be incorporated for pursuing objects under Section 581B of Companies Act, 1956. To sum up, a Producer Company can be formed only by producers.
The Members and the Producer Institutions have limited liability towards the debts and obligations of the company. Their personal assets remain unaffected in any case of loss or winding up. With assurance to limited liability, the producers can invest with lower risk into such businesses.
A Producer company is a Separate legal entity from its Members and the Producer Institutions in the eyes of law.It can have a PAN number, bank accounts, licenses, approvals, contracts, assets and liabilities in its unique name.
No individual, who has any business interest which is in conflict with business of the Producer Company, shall become a Member of that Company.
Share Capital of a Producer Company shall consist of Equity Shares only.Member's equity cannot be publicly traded but be only transferred.
A Producer Company can never be converted into a Public or a Deemed Public Company.
A Producer Company can be established for only the object as mentioned below :
(a) Production, harvesting, procurement, grading, pooling, handling, marketing, selling, export of primary produce of the Members or import of goods or services for their benefit
(b) Providing education on the mutual assistance principles to its Members and others
(c) Processing including preserving, drying, distilling, brewing, vinting, canning and packaging of produce of its Members
(d) Insurance of producers or their primary produce
(e) Manufacture, sale or supply of machinery, equipment or consumables mainly to its Members
(f) Generation, transmission and distribution of power, revitalisation of land and water resources, their use, conservation and communications relatable to primary produce
(g) Rendering technical services, consultancy services, training, research and development and all other activities for the promotion of the interests of its Members
(h) Welfare measures or facilities for the benefit of Members as may be decided by the Board
(i) Promoting techniques of mutuality and mutual assistance
(j) Any other activity, ancillary or incidental to any of the activities referred to in clauses (a) to (i) or other activities which may promote the principles of mutuality and mutual assistance amongst the Members in any other manner
(k) Financing of procurement, processing, marketing or other activities specified in clauses (a) to (j) which include extending of credit facilities or any other financial services to its Members.
To register a Producer Company in India, the following Members in any of the combination is necessary
(a) 10 or More Individuals, each of them being a Producer; or
(b) 2 or More Producer Institutions; or
(c) A combination of 10 or More Individuals Producers and Producer Institutions
A Minimum of 5 Directors and Minimum Capital of Rs. 500,000 is required to incorporate a Producer Company.
~ Conveyance/ Lease deed/ Rent Agreement
~ NOC from Owner
~ Latest Utility Bill of registered Office
Note: *Popcorn Infotech Provides FREE Franchise ( I.e. Charges NO Franchisee Fee) with Requirement of Initial Wallet Balance to Be Paid Upfront
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