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Any person involved in a close-knit or connected activity to the principal producers is referred to as a producer. As a result, a Producer Company is a broad word that encompasses all of the following.
Producing, harvesting, procuring, grading, pooling, handling, marketing, selling, and exporting the members’ primary producers, as well as importing products and services.
Because a production business is a separate legal entity, its members have limitless liability. The money invested in the company would be lost, but the property of the directors would be safe.
Producer businesses’ labour is split among the directors rather than being managed by a single farmer. The Management Board, which has a five-year term, is in charge of the organisation.
NABARD set up an Rs. 50 crore Producer Organization Development for supporting producer organizations and adopting a flexible approach to meet the producers’ needs.
Production Businesses
Marketing Businesses
Technical Service
Finance Business
Infrastructure business
Obtaining the DSC and DIN for the Producer Company’s proposed initial Directors is the first stage.
After receiving the DSC and DIN, an application for name reservation can be made with the Registrar of Companies (ROC).
‘Producer Limited Company’ should be at the end of the name.
After receiving the ROC’s name approval, file the Producer company’s incorporation application in the prescribed format.
If the registrar is happy with the Producer company’s application for incorporation, the Certificate of Incorporation is issued.
In India, a producer firm must be registered with a minimum of five persons.
Once a company is formed, it will remain active and in operation as long as the annual compliance requirements are completed on a regular basis. If annual compliances are not met, the company will become dormant and may be struck off the register after a certain length of time. A company that has been struck off can be revived for up to 20 years.
A physical address in India where the Company’s registered office will be located is essential. The location can be commercial, agricultural, or residential, depending on how the MCA communicates with you.
The Director must be at least 18 years old and a natural person. The Director must be actively involved in farming.
A Director Identification Number (DIN) is a unique number provided to every current and potential Directors of a company. A Director Identification Number is required for all current or proposed Directors. A Director Identification Number never expires, and a single Director Identification Number can be used by a single individual.
When sending or signing documents over the Internet, a Digital Signature establishes the sender’s or signee’s identity electronically. The Ministry of Corporate Affairs (MCA) requires that the Directors use their Digital Signature to sign some of the application materials. As a result, all Directors of a prospective Producer Company must sign a Digital Signature.
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