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What is a producer company under the Companies Act 2013?
Is producer company still governed by chapter IXA of Companies Act?
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How is a producer company governed?
Apr 10, 2020 · A producer company is basically a body corporate registered as Producer Company under Companies Act, 2013 and shall carry on or relate to any of following activities classified broadly: – (a) Production, harvesting, processing, procurement, grading, pooling, handling, marketing, selling, export of *primary produce of the Members or import of ...
Reference Section 465(1) of the Companies Act, 2013 PART IXA of Companies Act 1956: PRODUCER COMPANIES CHAPTER I: PRODUCER COMPANIES 581A. Definitions CHAPTER II: INCORPORATION OF PRODUCER COMPANIES AND OTHER MATTERS 581B. Objects of Producer Company 581C. Formation of Producer Company and its registration 581D.
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A producer company is a company incorporated under Companies Act 2013 (formerly the Companies Act 1956) and shall carry on following activities as mentioned in section 581B of Companies Act 1956 :
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- What Is A Producer Company?
- Objectives of The Farmer Producer Company
- Authorized Activities of Producer Companies
- Pre-Incorporation Checklist
- Registration Procedure
- Procedure and Documentation Required to Incorporate A Producer Company
- Benefits of Farmer Producer Companies
- Loans and Investments
- Tax Benefit
A producer company can be defined as a legally recognized body of farmers/ agriculturists with the aim to improve the standard of their living and ensure a good status of their available support, incomes and profitability. Section 465(1) of the Companies Act, 2013 (‘Act’) provides that the provisions relating to a Producer Company under the Part IX...
The main objective of the farmer producer company is to facilitate the formation of co-operative business as companies and to make it possible to convert the existing co-operative business into companies. As per the Act, the objectives of a producer company should relate to all or any of the following matters: (as given in the law) a) Production, h...
The Producer Company is required to deal with the produce of its members and is authorized to carry on any of the following activities: 1. Processing (processing also includes, preserving, brewing, vinting, drying, distilling, canning and packaging) of the produce of its members; 2. Manufacture, sale or supply of equipment, machinery or consumables...
Any 10 or more producers (individuals) can join together to form a production company but there is no upper limit on the number of members.Or, any 2 or more producer institutions can form a producer company.A minimum paid-up capital is required to incorporate a producer company.There should be a minimum of 5 directors (maximum of 15) in a producer company.The process of registering a Producer Company is similar to that of a Private Limited Company. Digital Signature (DSC) and Director Identification Number (DIN) must be obtained first for the proposed first Directors of the company. Once, Digital Signature (DSC) and Director Identification Number (DIN)are obtained, an application for name reservatio...
The first step is to obtain a Digital Signature Certificate (DSC) from all the directors. Documents required to obtain a DSC are:After obtaining the DSC, the next step is to obtain the Director Identification Number(DIN) by filing form DIR – 3 or SPICe+ Form along with a self-attested Identity proof, address proof, and a photo.Then the name of the production company is to be finalized. For that, Form SPICe+ to the Registrar of Companies (ROC) is to be filed by giving 2 names in the order of preference along with the sign...After the name is approved by the ROC, the following documents are to be prepared:The following are the benefits enjoyed by a Farmer Producer Company: 1. The members of the producer company initially will receive the value for the produce pooled and supplied as determined by the directors. This amount will be given out later in the form of cash/ kind/ equity shares. 2. The members of the producer company will be entitled to get ...
As mentioned above the Producer Company consist of individuals who are primary producers, and thus, are in need of financial support from time to time. Hence, a special provision under the Act was passed for giving loans to producer members. A Producer Company can provide financial assistance to its members through: 1. Credit facility: This is avai...
The Income Tax Act, 1961 under section 10(1) exempts agricultural income. However, the exemption provided under section 10(1) for the agricultural income sometimes vary on the basis of the agricultural activity carried out. The Income Tax Act does not specify any specific tax benefit which essentially provides special tax benefits or exemptions to ...
Companies Act, 2013. Read the complete Act: Companies Act, 2013 | 1.9 MB. Producer Company | 1.1 MB. Click here to view acts in E-Book: Companies Act, 2013. Amendments. Circulars. Notifications. Orders. Companies Act, 2013 of Ministry of Corporate Affairs.
65. Unlimited company to provide for reserve share capital on conversion into limited company. 66. Reduction of share capital. 67. Restrictions on purchase by company or giving of loans by it for purchase of its shares. 68. Power of company to purchase its own securities. 69. Transfer of certain sums to capital redemption reserve account. 70.
