Select Your Location
Annual compliance of Producer company is required to be completed by 30-09 of the following end of the financial year.
Table of Contents
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.
Experienced Finance and Legal Professional with 12+ Years of Experience in Legal, Finance, Fintech, Blockchain, and Revenue Management.
On 11.12.15, the Hon’ble Delhi High Court (HC) pronounced a landmark judgement in the case ti...
Money laundering can be defined as the process of illegal concealment of the origin of money ob...
Every assessee in India is obligated to file an income tax return and make the timely payment o...
In the recent past, India has seen burgeoning demand for internet and smartphones. The rapid ri...
The Securities and Exchange Board of India (SEBI), the capital markets regulator, has recommend...
The objective of the enactment of the Prevention of Money-laundering Act, 2002, i.e. PMLA (the...
Tax planning is a continuing effort and a management strategy for ensuring the minimization of...
On 18th May 2023, the Securities Exchange Board of India (SEBI) released a Consultation Paper o...
Infrastructure and real estate have been regarded as India's "sunshine sector" since the turn o...
On 22nd May 2023, the Central Board of Direct Taxes (CBDT) issued a new circular under secti...
Are you human?: 2 + 8 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
Introduction Employee Stock Option Plans or commonly called as ESOPs are basically stock options which the company...
14 Apr, 2022
The largest companies in the world are listed companies for a very simple reason – access to public capital is ch...
22 Jun, 2018
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!