In companies act 2013, Producer company registration has been simplified If there are any ten or more individuals of which each of them are producer or any two or more Producer institutions, or there is combination of ten or more individuals and Producer institutions, desire of Producer Company registration having a specified object like agriculture, farming i.e. and otherwise comply with the requirements of the provisions in respect of registration, and may apply for producer Company registration.
Registrar of Companies shall scrutinize the e-form submitted and within maximum 30 days of the receipt of the documents that are required for registration, register the memorandum, the articles, and other documents, if any, and issue a certificate of incorporation.
On registration, the Producer Company shall become a body corporate as if it is a private limited company.
Every Member shall initially receive, subject to the provision made in the articles, only such value for the products pooled and supplied as the Board of Producer Company may determine.
If any withheld price may be distributed later in cash or in kind or by way of allotment of equity shares, in proportion to the products/produce supplied during the financial year as may be decided by the Board.
Even after making provision and reserves referred of payment of limited return if any surplus remaining, it may be distributed among members as patronage bonus, in proportion to their participation in the business of the Company.
Every Member shall receive a limited return on the share capital contributed by them.
Provided that allotment of bonus shares shall be done to every member in accordance with the provisions of the Act.
Post Approval from registrar producer company enjoys certain benefits which underlined at below
Note: If the inter-State co-operative society is incorporated as a Producer Company, then such company may have more than 15 directors from the date of its incorporation for a period of one year.
The share capital of the Producer Company share consists of equity shares only and minimum authorized Capital of 5 Lac.
After producer company registration, the company has certain exclusive advantages. Some of them are as follows
|Apply for DSC and get DIN||Apex 2 working days|
|Prepare for Spice form, MOA, AOA and submit to ROC for approval||Approx. 7-9 working days|
|Roc if satisfied approve the Documents & sent Certificate of Incorporation. After which we can apply for PAN, TAN||Approx. 15-20 Working Days|