Article Annual Company Law Compliance Calendar for Producer Companies under Companies Act, 2013 in Tabular Form stating Form or Return required to be filed, Section/Rules under which the same need to be filed, and nature of Compliance. The article further explains the Meaning of the Producer Company, the Allowed Activities for Producer Companies, and Important Features of Producer Companies.
Meaning of Producer Company:
“Producer Company” means a body corporate having objects or activities specified in section 581B and registered as Producer Company under the Companies Act, 1956.
Allowed Activities for Producer Companies:
A producer company is basically a body corporate registered as Producer Company under Companies Act, 2013 and shall carry on or relate to any of following activities classified broadly: –
(a) Production, harvesting, processing, procurement, grading, pooling, handling, marketing, selling, export of *primary produce of the Members or import of goods or services for their benefit.
(b) Rendering technical services, consultancy services, training, education, research and development, and all other activities for the promotion of the interests of its Members;
(c) Generation, transmission and distribution of power, revitalization of land and water resources, their use, conservation, and communications relatable to primary produce;
(d) Promoting mutual assistance, welfare measures, financial services, insurance of producers or their primary produce;
Important Features of Producer Companies:
(i) No need for Minimum Capital Requirement.
(ii) There must be a minimum of 5 directors in a producer company.
(iii) Producer Company is always a private limited company.
(iv) Producer Company will be governed by the provisions of Chapter IXA of Companies Act, 1956.
(v) Voting rights in Producer Company shall be based on a single vote for every member.
(vi) No person, who has any business interest which is in conflict with the business of the Producer Company, shall become a Member of that Company.
(vii) Every Producer Company shall deal primarily with the produce of its active Members for carrying out any of its objects specified in this section.
(viii) The name of the Company shall end with “Producer Company Limited” which shall be stated in the Memorandum.
(ix) The AOA and MOA of Producer Company shall be prepared in accordance with the provision under section 581F and 581G respectively.
(x) One-fourth of the total membership shall constitute the quorum at a General Meeting.
(xi) Share Capital of a producer company shall consist of equity shares only.
| S. No. | Section & Rules | Particular of Compliance | |||
| 1. | Receipt of MBP-1 | 184(1)
| Form MBP- 1 | Every Director of the Company in First Meeting of the Board of Director in each Financial Year shall disclose his interest in other entities. | |
| Every Director is required to submit with the Company a fresh MBP-1, whenever there is change in his interest from the earlier given MBP-1. | |||||
| 2. | Receipt of DIR- 8 | 164(2) 143(3)(g) | Form DIR – 8 | Every Director of the Company in each Financial Year will file with the Company disclosure of non-disqualification. | |
| 3. | E- Forms Filing Requirements Annual Form | 581ZA | E-form: MGT-7 | Annual Return: Every Company will file its Annual Return within 60 days of holding of Annual General Meeting. Annual Return will be for the period 1st April to 31st March. | |
| 4. | |||||
| 5. | 581ZA | E-form: AOC-4 | Financial Statement: Company is required to file its Balance Sheet along with Statement of Profit and Loss Account, Cash flow statement, Directors’ Report and Auditors’ Report in this form within 30 days of holding of Annual General Meeting. | ||
| Attachment: Balance Sheet, Statement of Profit& Loss Account, Cash Flow Statement, Directors’ Report, Auditors’ Report and Notice of AGM. | |||||
| 6. | Annual Form | Section 73 Rule 16 | E-form DPT-3 | Return of Deposit: Company is required to file this form every year on or before 30th June in respect of return of Deposit and Particulars not considered as Deposit as on 31st March. | |
| 7. | Event Based Form | Section 90 | BEN-2 | Disclosure of Significant Beneficial Owner: Company shall file BEN-2 within 30 days of receipt of BEN-1 from Share holder. Note: On regular basis company have to check whether there is any SBO in company due to change in its shareholding or due to change in shareholding of body corporate members. | |
| 8. | Annual Form | Rule 12A | DIR-3 KYC | KYC of Directors: All the Directors of company shall file this form on or before 30th September every year for all the directors of the Company. | |
| 9. | Half Yearly Return | Section 405 | MSME-1 | Delay in Payment to MSME Vendor: Company have to file this return half yearly in respect of pending payments to MSME vendors as at end of half year.
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| 10. | Directors’ Report | 581ZA | Directors’Report shall be prepared by mentioning all the information required for Company under Section 134 read with relevant rules and relevant provisions of other Act. | ||
| 11. | Circulation of Financial Statement &other relevant Dox | 581ZA | Company will send to the members of the Company approved Financial Statement, Directors’ Report and Auditors’ Report at least 14 clear days before the Annual General Meeting. | ||
| 12. | Notice of AGM | 581ZA | The Producer Company shall in each year hold an Annual General Meeting and not more than 15 months shall elapse between the date of one Annual General Meeting to the next. A general meeting of the Producer Company shall be called by giving not less than fourteen days prior notice in writing | ||
| 13. | Sending of Notice of AGM | 581ZA | The notice calling the annual general meeting shall be accompanied by the following documents, namely : – (a) the agenda of the annual general meeting ; (b) the minutes of the previous annual general meeting or the extraordinary general meeting ; (c) the names of candidates for election, if any, to the office of director including a statement of qualifications in respect of each candidate; (d) the audited balance-sheet and profit and loss accounts of the Producer Company and its subsidiary, if any etc | ||
| 14. | Board Meetings | 581V | Board shall meet at least once in every three months and at least four such meetings shall be convened in every year. Quorum:- 1/3rd of the total strength of Directors subject to a minimum – 3 | ||
| 15. | Appointment of Auditor | 581 | E-form ADT-1 | Auditor will be appointed for 5 (Five) years and form ADT-1 will be filed for 5-year appointment within 15 days of Annual General Meeting. | |
| Above mentioned 15 (Fifteen) Compliances are mandatory yearly compliances for the Producer Company. Except above 15 (Fifteen), there may be event-based compliances for the Producer Company. | |||||