Annual Filing Of Producer Company

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Annual Filing Of Producer Company


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About Annual Filing Of Producer Company

The concept of Producer Companies was introduced in the year 2002 by incorporating Part IXA (section 581A to 581ZT) into the Companies Act, 1956. The proviso to Section 465 (1) of the Companies Act, 2013 provides that the provisions of Part IX A of the Companies Act, 1956 shall be applicable mutatis mutandis to a Producer Company in a manner as if the Companies Act, 1956 has not been repealed until a special Act is enacted for Producer Companies

Minimum Requirement

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:

  • Producer Company’s state of affairs.
  • Proposed amount to be carried on Reserve.
  • The amount to be paid as limited return on share capital.
  • Proposed amount to be disbursed as patronage bonus.
  • Any material changes and commitment, if any which has affected the financial position of the Producer Company and its Subsidiary. Above change, if any occurred between the date of annual accounts of the production company and date of the report of the board.
  • Matters related to energy conservation, environmental protection, expenditure or earnings in foreign exchanges.
  • Any other requirement to be specified by the Board.

Annual Complaince

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 notice of AGM shall contain the following information:

  • Agenda of Annual General Meeting
  • Previous Annual General Meeting or Extraordinary General Meeting Minute
  • The names of candidates for election.
  • The audited balance-sheet and profit and loss accounts of the Producer Company and its subsidiary along with the Board of Directors Report.
  • A draft resolution for the appointment of auditors

Penalty

Any below-mentioned default by Directors of the Producer Company amount to the penalty:

  • handing over the custody of the books of account
  • fails to convene annual general meetings or other general meetings

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.

Frequently Asked Questions

What are producer companies?

Producer Company is a company registered under the Companies Act, 2013, which has the objective of production, harvesting, procurement, grading, pooling, handling, marketing, selling, and export of primary produce of the Members or import of goods or services for their benefit.

An annual return is a document that contains details of a company's share capital, indebtedness, directors, shareholders, changes in dictatorships, corporate governance disclosures etc. In this article, we look at the information filed by company in its annual return in detail

A Farmer Producer Company is a hybrid between cooperative societies and private limited companies. Key Points: The objective of the concept of FPC is to organize farmers into a collective to improve their bargaining strength in the market.

Annual return is a mandatory filing to be made by all Companies in India. The filing along with the required documents must be filed with the Ministry of Corporate Affairs. Filing of annual return with the MCA is different from the filing of annual return with the Income Tax department.

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