A Producer Company consists of a group of people who are involved in the production of primary produce or having one or more objectives related to the primary produce. Part IXA of Companies (Amendment) Act, 2002, deals with the Indian Producer Company. The main objective to introduce this concept was to frame a legislation permitting incorporation of cooperatives as companies and the conversion of existing. Indian Producer Company is a body corporate and have its activities/objectives specified under Section 581B.
For the formation of Producer Company minimum 5 Directors are required and maximum number of Directors can be 15.
The Minimum period for directorship is 1 year and the maximum is for 5 years. But the retired director shall be eligible for appointment.
Minimum authorized capital required for the formation of Producer Company is Rs. 5 Lakhs.
Minimum number of Board Meeting required in a Producer company is 4 and not more than 3 months gap should be there between two Board Meeting. The quorum for such Board meeting will be 1/3rd of the total strength or 3 whichever is greater.
Every Producer company having an average annual turnover exceeding Rs. 5 crore in each consecutive 3 financial years shall compulsorily appoint whole-time Company Secretary.
Usually, 35-40 working days are required in the formation of Producer Company.
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