Indian economy is a rural economy. Around simple fraction of our population depends on agriculture for his or her bread and butter. But, the farmers and first producers in Bharat have had a protracted struggle, given the competition from world markets, low-profit costs etc. to handle these problems, the govt. got wind of a knowledgeable committee, semiconductor diode by AN economic expert, Y.K. Alight to seem into the matter. In 2002, they introduced the construct of Producer corporations.
Since then, they need helped primary producers gain access to credit, input, market, production technology A producer company is so a hybrid between a Pvt Ld. and a cooperative Society. It combines the goodness of a cooperative enterprise and therefore the timbre and potency of a company.
It accommodates the distinctive components of cooperative business with a regulative Framework just like that of a private ltd Therefore, it will capably be ended that the intention behind insertion of the construct of Producer Company in firms Act,1956 is to confirm a lot of helpful and simple convertible regulative Framework of such firms and it’s to be noted that whether or not it’s a Producer Co-operative registered beneath Co-operative Societies Act, or a Producer Company beneath the businesses Act, they each serve for the common purpose on serve its members and work for his or her betterment.
Each Producer Company might have least five and not more than 15 chiefs. On the off chance that any executive leaves from his post the decision should be led inside 90 days from the date of abdication of such chief. The Director should hold his office for a period at the very least 1 year however not over 5 years as might be determined in the articles. Each chief should be qualified for reappointment.
The Directors of the Board are chosen by the individuals in the Annual General Meeting. The Board may co-select at least one master chief or extra executives not surpassing one fifth of the aggregate number of chiefs. The master executive and extra chief might hold the post for the period as recommended in the articles.
Each part might get the incentive in extent to the create provided to the organization amid the Financial year;
Extra shares might be issued to the individuals;
Surplus might be paid in trade or out value offers extent to the cooperation of the individuals.
Producer Company Registration Process:
- Examined duplicate of PAN Card or Passport (Foreign Nationals and NRIs)
- Examined duplicate of Voter’s ID / Passport / Driver’s License
- Examined duplicate of Latest Bank Statement / Telephone or Mobile Bill / Electricity or Gas Bill
- Examined visa measured photo
- Example signature (clear archive with mark [directors only])
For enrollment as a Producer Company an application is required to be submitted alongside the recommended report to the recorder for enlistment as Producer Company.
Taking after fenced in areas and records are required to be submitted with along The application:
A duplicate of the extraordinary determination passed with 2/3 larger part of the part.
An announcement demonstrating the of names, locations and control of the Directors and the Chief Executive. A rundown of the individuals.