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Annual compliance of Producer company is required to be completed by 30-09 of the following end of the financial year.
Producer Company Concept was introduced in the year 2002. Producer Company is dealt by the provisions of the Companies Act 1956. The provisions of Section 465(1) of Companies Act 2013 stated that provisions of Companies Act 1956 shall mutatis mutandis to a Producer Company.
Producer Companies is a body corporate which shall be registered as Producer Company under Companies Act 1956. The Company shall have objectives or activities specified in Section 581B.
There are certain objectives mentioned in the Act Producer Companies can be incorporated into like Production, harvesting, promote the techniques of mutuality etc.
Following listed are the features or the basic characteristics of a Producer Company –
The Following listed are the conditions annexed with the concept of a Producer Company –
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.
The above-audited balance sheet and profit and loss accounts and director’s report of Producer Company and its subsidiary company shall be with respect to following:
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.
The above shall be filed with an annual return along with the required fees.
Any below-mentioned default by Directors of the Producer Companies amount to the penalty:
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.
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