A Producer Company, as per the provisions of the Indian Companies Act, 2013, is a corporate entity formed by ten or more individuals, or two or more producer institutions (like co-operative societies), or a combination thereof, primarily for the purpose of production, harvesting, procurement, grading, pooling, handling, marketing, selling, export of primary produce of the members, or import of goods or services for their benefit.
Here's a brief overview of what you can find in the Memorandum of Association (MOA) of a Producer Company filed with the Ministry of Corporate Affairs (MCA):
Name Clause: This section specifies the name of the company.
Registered Office Clause: It outlines the address of the company's registered office.
Objective Clause: This part delineates the objectives of the company, which typically revolve around the production, harvesting, procurement, grading, pooling, handling, marketing, selling, export of primary produce, or import of goods or services for the benefit of its members.
Liability Clause: It states that the liability of its members shall be limited.
Capital Clause: This clause defines the authorized capital of the company, i.e., the maximum amount of share capital it can issue.
Association Clause: This is a declaration by the subscribers stating their intention to form the company and become members.
Subscription Clause: It specifies the number of shares each subscriber takes and their particulars.
Declaration Clause: It declares that the company's compliance with the requirements of the Companies Act, 2013.
Remember, a Producer Company must have at least five and not more than fifteen directors, and it must use the term "Producer Company Limited" as part of its name. Additionally, at least two-thirds of the directors must be members of the company.
Memorandum of Association (MoA): Detailed objectives and activities of the producer company, specifying agricultural or non-agricultural activities.
Articles of Association (AoA): Internal rules and regulations governing the management and operations of the producer company.
Director Details: Information about directors, including names, addresses, DIN (Director Identification Number), and consent to act as directors.
Members' Details: Information about members of the producer company, including names, addresses, and shareholdings.
Registered Office Address: Physical location where the company conducts its business operations.
Shareholding Pattern: Details of the shareholding structure, showing ownership by members of the producer company.
Financial Statements: Initial financial statements, if applicable, reflecting the financial position of the producer company at the time of registration.
Statutory Registers: Registers such as the Register of Members, Register of Directors, and others as required by law.
Memorandum of Association (MOA): This document outlines the company's objectives, including its purpose, registered office address, liability of members, and other key details.
Articles of Association (AOA): The AOA specifies the rules and regulations for the internal management of the company, such as the appointment of directors, conduct of meetings, and distribution of dividends.
Form INC-1: This is the application for reservation of name. The promoters of the company propose a name for the Producer Company, and upon approval from the Registrar of Companies (ROC), the name is reserved for a period of 20 days.
Form INC-7: This form is for the incorporation of a company. It includes details such as the registered office address, particulars of directors and subscribers, and the declaration of compliance with the requirements of the Companies Act, 2013.
Form INC-22: This form is for the notice of situation or change of situation of the registered office. It includes details of the registered office address and any changes thereto.
What is a Producer Company?
A Producer Company is a type of corporate entity formed by farmers, artisans, or other producers, primarily for activities related to production, harvesting, procurement, grading, pooling, handling, marketing, selling, or export of primary produce.
What are the requirements for forming a Producer Company?
A Producer Company must have at least ten individuals or two producer institutions as members. The majority of the members should be producers engaged in primary production activities. The company must use the term "Producer Company Limited" as part of its name.
What documents are required for registration with MCA?
The documents required typically include the Memorandum of Association (MOA), Articles of Association (AOA), proof of registered office address, identity and address proofs of directors and subscribers, and various forms such as INC-1, INC-7, INC-22, DIR-12, and others as applicable.
How long does it take to register a Producer Company with MCA?
The registration process usually takes around 15-30 days from the date of submission of all required documents and forms. However, the timeline may vary depending on the workload of the MCA and the accuracy of the documents submitted.
What is the minimum capital requirement for a Producer Company?
There is no minimum capital requirement for a Producer Company. However, the authorized capital should be mentioned in the Memorandum of Association (MOA), and the company should issue shares to its members as per their contribution.
