Compliance Producer Company

Compliance Producer Company Registration

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Basic Plan

Compliance refers to certain forms that are needed to be filed by the companies. These forms are mandatory in accordance with the Companies Act.If you are a producer company, then you need to file your compliances rightly and on an annual basis in order to make sure that your company has a good legal standing. Failure to adhere to the compliances can cause the government to hit you with varying degrees of penalties that extend from paying the punishment fees to company closure as well.

The Producer Company shall hold Annual General Meeting each financial year. The gap between two AGM shall not be more than fifteen Months.First AGM shall be held within 90 days of its incorporation where the members shall adopt the articles of Producer Companies and shall appoint the Board of Directors.

Filing of annual Return:
Every producer Company shall file proceeding of annual general meeting along with Director’s Report, the audited Balance sheet and the profit and loss account with Registrar within sixty (60) days of the date of Annual General Meeting.

Penalties:
. handing over the custody of the books of account
. fails to convene annual general meetings or other general meetings

The company may be punishable by the fine Rupee 1 Lakh. If the default is in the nature of continuation than the everyday penalty of rupees 10,000 is levied till the default continues.



Documents required for producer company compliances:

1. Memorandum of association
2. Article of association
3. Directors identity proof
4. PAN cards of the directors


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The concept of Producer Company was introduced in the year 2002. The provision of Companies Act 1956 deals with Producer Company. The provisions of Section 465(1) of Companies Act 2013 provides that provisions of Companies Act 1956 shall to a Producer Company. Producer Companies is a body corporate registered as Producer Company under Companies Act 1956 having objectives or activities specified in Section 581B.

1. Name of the Company: Name of the every producer Company shall end with the word ‘Producer Company Limited’. 2. A number of the Directors : Every Producer Company shall have a minimum number of five (5) Directors on the Board. The Company can appoint a maximum number of Fifteen (15) Directors on the Board. Any inter-State co-operative society incorporated as Producer Company may have more than 15 directors for the period of 1 year from the date of its incorporation as a Producer Company. 3. Election of the Directors: The election of directors shall be conducted within a period of ninety (90) days of the registration of the Producer Company. Any Inter-State co-operative society incorporated as Producer Company may elect within 365 days 4. Additional Directors and Expert Directors: Expert directors or an additional director shall not exceed 1/5th of the total number of directors subject to articles of association of the Company. Expert directors can be elected as a chairman but will not have any right to vote in the election of a chairman. 5. Share Capital and transfer of the shares of Producer Company: The Producer Company can have only Equity Share. The Articles may provide special rights to the Active Members of the Company. The Shares are non-transferable. The Board may grant approval to the active member to transfer their share to another active member. In the event of Death, the shares shall be transferred automatically to the nominee appointed by the Member. The Member shall nominate the person within 3 months of becoming a member of the Company. If the nominee is not a producer, the Board may direct nominee to surrender the shares.