A company or a body corporate having any object like production, harvesting, procurement, grading, pooling, handling, marketing, selling, export of primary produce of the Members or import of goods or services for their benefit is called as Producer Company
Under companies producer define as any person engaged in any activity connected with or relatable to any primary produce (Produce: “things that have been produced or grown, especially by farming”).
Under company law 1956 OBJECTS OF PRODUCER COMPANY
The objects of the Producer Company shall relate to all or any of the following matters, namely : -
Production, harvesting, procurement, grading, pooling, handling, marketing, selling, export of primary produce of the Members or import of goods or services for their benefit: Provided that the Producer Company may carry on any of the activities specified in this clause either by itself or through other institution ;
Processing including preserving, drying, distilling, brewing, vinting, canning and packaging of produce of its Members ;
Manufacture, sale or supply of machinery, equipment or consumables mainly to its Members
Providing education on the mutual assistance principles to its Members and others ;
Rendering technical services, consultancy services, training, research and development, and all other activities for the promotion of the interests of its Members ;
Generation, transmission and distribution of power, revitalization of land and water resources, their use, conservation and communications relatable to primary produce ;
Insurance of producers or their primary produce ;
Promoting techniques of mutuality and mutual assistance ;
Welfare measures or facilities for the benefit of Members as may be decided by the Board ;
Any other activity, ancillary or incidental to any of the activities referred to in clauses (a) to (i) or other activities which may promote the principles of mutuality and mutual assistance amongst the Members in any other manner
Financing of procurement, processing, marketing or other activities specified in clauses (a) to (j) which include extending of credit facilities or any other financial services to its Members.
Every Producer Company shall deal primarily with the produce of its active Members for carrying out any of its objects specified in this section.
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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 capital of Rs. 500,000 is required to incorporate a producer company.
There should be minimum 5 directors (maximum of 15) in a producer company.
It can never be converted into a public company however it can be converted into a multi-state co-operative society.
Documentation required for incorporating Producer Company:
Firstly members and directors are required to obtain DSC for this:
Addhar or bank statement
For Incorporation Process:
ID proof of proposed Directors and Subscribers (any one of them)
Passport | Driving license | Voters ID card
Address proof of proposed Directors and Subscribers (any one of them)
Electricity bill of residing address | Mobile bill | Telephone bill | Bank statement
Address proof for proposed company
Proof of Office address (Conveyance/ Lease deed/Rent Agreement etc. along with rent receipts) | Copy of Utility bill (electricity bill, gas bill, Mobile bill etc) (not older than 2 month)
How to get Producer Company Registration ?
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