A Producer Company consists of a group of people who are involved in the production of primary produce or having one or more objectives related to the primary produce. The economy of India is an agricultural centric economy. Around 60% of population depends on agricultural activities for their livelihood. But, the primary producers and farmers have had a long struggle in India. In order to address these problems, the Government of India set up an expert committee, led by Y.K. Alagh (an economist) to look into the matter. In the year 2002, they introduced the Producer companies concept to the Indian economy. Since then, they have helped primary producers gain access to input, credit, production technology, market etc.
Registration of Producer Company
For incorporation of a producer company in India, there are needed a minimum of Five Directors and Ten Shareholders/Members; there is no limit kept for the maximum permissible number of members.
The following processes are involved in the procedure for its incorporation:∙
. Name Approval and Reservation (Form INC-1)
∙ Making DSCs and DINs for Directors
∙ Filing the Incorporation Form INC-7 with the relevant ROC
∙ Filing Forms like INC-22, DIR-12, etc.
∙ And, Submission of other necessary documents.
- Copy of PAN Card of all the directors
- Passport size photographs of the directors
- Copy of the voter identity card/Aadhaar Card
- Copy of the Rent agreement(If it is a rented property)
- Water/Electricity bill (Business Place)
- Copy of the Property papers (If owned property)
- Landlord NOC
Filing of Documents
- AOA and MOA duly signed, dated and stamped.
- Power of Attorney
- Statutory declaration in the e-Form- 1(on Stamp paper) declaring compliance of all and incidental matters regarding the formation of companies.
- Ppayment of stamp duty electronically through the MCA portal. In case it is not paid electronically, then original stamped physical copies of the uploaded e-Form-1, AOA, MOA along with a copy of the challan in the concerned office of ROC has to be submitted.
- Filling of Form-18
- Filling of Form-32
- Registration Fees
QUESTION: 1, How to Register a Producer Company in India?
Activities of a Producer Company. Production, procurement, harvesting, pooling, grading, marketing, handling, selling and export of the primary produce of members.
∙ Procedure for Incorporation.
∙ Filing of Documents.
∙ Certificate of Incorporation.
∙ Documents Required.
QUESTION: 2, Can producer company accept deposits?
Producer companies are registered and monitored by the Central Government. … Acceptance of deposits – A producer company can accept deposit in the form of RD/FD, and give maturity as well as distribute loans to its farmer/agriculturist members, and charge reasonable interest from them.