In order to provide a complete view on the process of registration of a Producer Company in India, we will today discuss all the statutory requirements and provisions related to registration of a producer company in India.
According to Company Law, a producer company is a company engaged in any activity connected or related with primary produce, hence in order to recognise whether a company is producer company or not we need to look if acitivities are going on in that company or not:
Production, Harvesting, Procurement, Grading, Pooling, Handling, Marketing, selling, Export of primary produce of the members or import of goods or services for their members.
Further , the primary object of a producer company must be dealing of the produce of their active members and its allowed to carry on the following activities by itself or through other entities on behalf of its members.
1. Processing which includes preserving, drying, distilling, brewing, vinting, canning and packing of the products of its members.
2. Manufacture, sale or supply of machinery, equipment or consumables to its members mainly.
3. Providing of education on the mutual assistance principles to its members and others.
4. Rendering of Consultancy, technical support, training, research and development and all other activities for the benefit of its members.
5. Generating, transmitting and distributing power, revitalisation of land and water resources, their use, conservation and communication related to primary produce of its members.
6. Insurance of producers and their primary produce.
7. Promoting mutual techniques and assistance.
8. Welfare measures or facilities for the benefit of the members.
9. Any other incidental activity which may promote the principles of mutuality and mutual assistance amongst the members in any manner.
10. Financing and providing credit facilities to its members.
Now lets discuss the procedure for registration of Producer Company in India:
Members of the producer Company:
In order to register a producer company in India any combination of following members are required:
1. Ten or more individuals (Each of them must be producer)
2. Two or more institutions engaged in producing.
3. A combination of ten or more individuals and producer institutions
The procedure of registration of a producer company is similar to that of a Private Limited Company.
The first Step for the registration of a producer company is obtaining of DIN and Digital Signatures of proposed directors.
First the digital signatures and Din is ready, an application can be made to the registrar of companies for the reservation of name.
It must be noted here that the name of the producer company must end with the words “Producer Limited Company”, it shall under no circumstances become of deemed to become a public limited company.
On filing the prescribed documents for registration if the registrar is satisfied with the documents and information provided by the company, it shall issue a certificate of registration of producer company.
The functions of a producer company is similar to that of a private limited company subject to certain provisions.
Unlike a private limited company a producer company does not have any limitation on the number of members.
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