Producer Company Annual Compliances |
Posted: January 30, 2018 |
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. It is a body corporate which will be incorporated as Producer Company in accordance with Companies Act 1956. The Company will 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. The conditions require to be fulfilled by Producer Company has to comply with the below-mentioned conditions
Annual Compliance of Producer Company The Producer Company shall hold Annual General Meeting each financial year. The gap between two AGM shall not be more than 15 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 -
Details required in annual returns The audited accounts which include balance sheet & profit and loss accounts & board report of Producer Company and its subsidiary company will be with respect to following:
Filing of annual return- 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 & which will be filed with an annual return along with the required fees. Penalties However, any 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.
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