How to Register Producer Company in India?
Posted: Jun 09, 2018
A producer company includes a group of people that are involved with the production of produce primarily or other one or more objectives relating to the primary production. The Part IX – A of companies (amendment) act of 2002, deals with the Indian producer company. The primary reason for introducing such a concept was to frame the legislation that permits the incorporation of cooperatives as a company. The Indian producer company is an incorporated body that has it’s certain activities and/or objectives under the section 581B.
Provisions relating to Incorporation of Producer Company?
- An applicant: - Ten or more people being the producer, two or more of the producer institutions, or the combination of any of the previously mentioned.
- MOA and AOA of the producer company:- The above mentioned documents must be signed by each of the producer with a date. Along with it all other required documents under incorporation rules must also be prepared.
3. Object of the producer company registration document:- The objective clause in the memorandum of association must specify all of the matters that are specified under the section 58 1B.
4. Appointing the first directors: - The AOA of the company would mention it’s first directors. These directors of the producer company will hold the office till the final directors are appointed for the producer company in question. This is to be done within the time period of 90 days of the company registration application. The minimum number of directors being five to the maximum being 50.
What is the procedure of filing for producer company application?
- Filing of the producer company’s name: -File for the application via RUN with a fees of? 1000/-. Then select a name for your producer company that will suit best for your company’s produce. Once the ROC confirms with the availability of the name you’ve chosen, a Memorandum of association and AOA of the respective company is drafted according to the regulations of the section 58 1F and section 58 1G.
- MOA and AOA that are duly signed and stamped with a date.
- Their power of attorney.
- Statutory declaration on stamp paper by a professional in Form INC-8. That is declaring compliance of all the identical matters regarding the producer company formation.
- File application for registration in Spice any pay stamp duty electronically via the MCA portal..
- Pay producer company registration fees.
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