Producer Company aims at empowering all the small and marginal scale farmers so that their economies can be unlocked and they could also opt the latest and new technologies to lead better and improved lives.
The agricultural industry is the backbone of Indian economy. 60% of India’s population relies on agricultural activities for their livelihood. But these primary producers and farmers struggle a lot to get their share of profit. Keeping their miserable condition in mind, the Government of India has come up with an expert committee, headed by Y.K. Alagh to look into the matter. In 2002, the committee brought the concept of Producer companies in the Indian economy. Since then, they are working with the motive to uplift Indian farmers and agriculturalists (collectively termed “Producers”).
Just like a private limited company, a registered farmer producer company is also considered as a separate legal entity that can purchase or sell land at its own name.
More credibility is offered to the registered companies as compared to the non-registered ones.
An applicant can make desired changes in the board of management by filling some simple form with regards to the registrar of Companies (ROC)
The liabilities of the members are limited, and their personal assets cannot be used to cover up the debt and losses of the company.
The name should not resemble to any of the existing entities and shall not contain any offensive words detrimental to the interest of the society at large. Also, the name should necessary align with the objects of the company and must contain the word “OPC”.
A minimum number of 7 members are needed to run a Public Company, out of which 3 members should be the company’s directors. Relatives and Spouse can be directors or members. Maximum numbers of member can be unlimited and maximum director can be limited in Public Company.
To start a OPC, a minimum of Rs. 1 lacs is required as equity share capital.
The object of the Public Company shall be accordingly to business nature and as per the rule and act governed by Law. Any other object in its MOA shall be void.
Since the registration process is online, hence there is the requirement for Digital signatures of all the Directors and Shareholders.We provide seven DSCs in our package of Public Company Registration.
Once the name is finalized, the application shall be made in Form SPICE-Part A. The form is a replacement of earlier Form RUN and provides the option to apply for two names Prepare all requisite documents MOA, AOA, INC 9, INC 10, DIR 2 to be filed with the ROC. These must mention the main objective of incorporating a company.
Obtain an incorporation certificate with the corporate identification number (CIN). It usually takes 7-10 days to form a company..
The MOA is the constitution of the Company and defines various clauses mandatory to bring the company into existence such as Name clause, object clause, registered office clause, liability clause, subscription clause and capital clause.
The Ministry, after being satisfied, that the documents and details submitted in the application are correct and gives a true and fair view of the intentions of the applicant, shall grant the Certificate of Incorporation (COI) along with PAN and TAN.
Within 180 days of incorporation of the Company, a declaration, attested by the Director of the Company, shall be filed with ROC that each subscriber to the memorandum has consented to the share value taken by them.
Soon after the Public Limited comes to the existence, there shall be appointed before the first Annual General meeting of the Company, the statutory auditor who shall hold office till sixth AGM until and unless ratified or a resignation is served.
Like change in directors, change in address, increase in capital, etc. shall be done as on date basis.
