{"id":46739,"date":"2022-08-16T11:43:23","date_gmt":"2022-08-16T06:13:23","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=46739"},"modified":"2022-08-25T11:10:35","modified_gmt":"2022-08-25T05:40:35","slug":"requirements-related-to-annual-filing-of-producer-company","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/requirements-related-to-annual-filing-of-producer-company\/","title":{"rendered":"Requirements Related to Annual Filing of Producer Company"},"content":{"rendered":"\n<p>Producer Company means a body corporate having activities or objects specified in section 581B is a produced company under the Companies Act, 1956. This type of Company was introduced in the year 2002. Producer Company is dealt with by the provision of the Companies Act 1956. The producer company can be incorporated into the production, harvesting, Grading, handling, and Marketing. Further in this Piece of Writing, we shall be discussing the Annual filing of <a href=\"https:\/\/corpbiz.io\/producer-company-registration\"><strong>Producer Company<\/strong><\/a>.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/requirements-related-to-annual-filing-of-producer-company\/#Feature_of_Producer_Company\" >Feature of Producer Company&nbsp; &nbsp;&nbsp;&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/requirements-related-to-annual-filing-of-producer-company\/#Condition_to_be_fulfilled_by_Producer_Company\" >Condition to be fulfilled by Producer Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/requirements-related-to-annual-filing-of-producer-company\/#Compliances_and_Annual_Filing_of_Producer_Company\" >Compliances and Annual Filing of Producer Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/requirements-related-to-annual-filing-of-producer-company\/#Advantages_of_Annual_Filing_of_Producer_Company\" >Advantages of Annual Filing of Producer Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/requirements-related-to-annual-filing-of-producer-company\/#Compliances_for_a_Producer_Company\" >Compliances for a Producer Company &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/requirements-related-to-annual-filing-of-producer-company\/#_Penalties\" >&nbsp;Penalties:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/requirements-related-to-annual-filing-of-producer-company\/#Conclusion\" >Conclusion:<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Feature_of_Producer_Company\"><\/span>Feature of Producer Company&nbsp; &nbsp;&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following\nare some listed characteristics of Producer Company, they are:<\/p>\n\n\n\n<ul><li>The Producer Company are treated as a\nPrivate Limited Company<\/li><li>The Producer Company are limited by shares\ncapital, and the member of the Company has benefits of Limited liability.<\/li><li>The maximum numbers of members in a\nProducer company can exceed 50.&nbsp; <\/li><li>A Producer Company cannot be concreted\ninto a Pvt. Ltd company.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Condition_to_be_fulfilled_by_Producer_Company\"><\/span>Condition to be fulfilled by Producer Company<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\nfollowing are the listed condition with the concept of a producer company.<\/p>\n\n\n\n<ul><li>The primary producer is a member of the\nCompany.<\/li><li>These companies are termed as companies\nwith limited liability; the member&#8217;s liability will be limited to several\nunpaid shares.<\/li><li>The company end shall be ended with the\nwords of Producer Company Limited.<\/li><li>This Company can be treated as a Private\nLimited Company for application of law and administration of the company law. <\/li><li>The maximum number of members limit does\nnot apply to these companies. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Compliances_and_Annual_Filing_of_Producer_Company\"><\/span>Compliances and Annual Filing of Producer Company<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There\nis much compliance that is needed to be followed by the Producer Company in\neach financial year; the first Annual General Meeting shall be within 90 days\nof its incorporation, where the member must adopt the Article of Producer\nCompany and shall appoint the Board of Director, the following are the\ninformation contained in the notice of AGM.<\/p>\n\n\n\n<ul><li>Agenda of the <strong>Annual General Meeting<\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Annual_general_meeting\"><strong>[1]<\/strong><\/a><\/sup><\/li><li>Holding Annual General Meeting each financial year<\/li><li>Previous Annual General Meeting\/Extraordinary General Meeting Minute<\/li><li>Be it any type of Company, annual filing with ROC is mandatory.<\/li><li>The name of the candidate for election.<\/li><li>The Profit &amp; Loss Account and Audited Balance Sheet of the Producer Company and its subsidiary along with the Board of Director&#8217;s report.&nbsp;&nbsp;&nbsp;&nbsp; <\/li><li>A Producer Company must file an Annual compliance regularly to ensure that the Company gets good legal standing. &nbsp;&nbsp;&nbsp;<\/li><li>Final Annual Return <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Advantages_of_Annual_Filing_of_Producer_Company\"><\/span>Advantages of Annual Filing of Producer Company<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\nfollowing are the Advantages of the annual filing of Producer Company<\/p>\n\n\n\n<ul><li><strong>Credibility\nand Transparency:<\/strong> Annual Filing of Producer Company is\nmandatory; when the Company regularly maintains its Annual compliance, it\nraises its credibility and transparency as an organisation.<\/li><\/ul>\n\n\n\n<ul><li><strong>Active\nStatus:<\/strong> Default in Compliance and Non\u2013Filing may result in\nstriking off the Company&#8217;s name by the Registrar of Company. Hence annual\ncompliance helps in maintaining Active Status.<\/li><\/ul>\n\n\n\n<ul><li><strong>Assurance\ncustomers and Investors:<\/strong> Annual Compliance creates\ncompetition for the Producer Company in the market. This can be useful to advertise\nthe business and assure the investors and customers about the company&#8217;s\nbusiness.<\/li><\/ul>\n\n\n\n<ul><li><strong>Avoiding\nPenalties:<\/strong> Regularly filling the Annual of Producer Company on\ntime can avoid the heavy penalties.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Compliances_for_a_Producer_Company\"><\/span>Compliances for a Producer Company &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<table class=\"table table-bordered\"><tbody><tr><td>\n  <strong>S\n  No.<\/strong>\n  <\/td><td>\n  <strong>Particulars.<\/strong>\n  <\/td><td>\n  <strong>Provisions.<\/strong>\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Name of the Company\n  <\/td><td>\n  The name of the producer company must\n  end with the word producer company limited.\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Total Number of Directors \n  <\/td><td>\n  Minimum \u2013 5 Directors \n  Maximum \u2013 15 Directors, In the case of\n  an Inter-State co-operative society formed as a producer company, then such\n  Company may have more than fifteen directors for one year starting from the\n  date of its formation company.&nbsp; \n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Election of the Directors\n  <\/td><td>\n  With-in 90 days of the registration of\n  the producer company, the process of election shall be conducted.\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Additional Directors and Expert\n  Directors\n  <\/td><td>\n  Both the Expert Directors may be\n  appointed, but the same shall not exceed 1\/5 of the total numbers of\n  available directors subject to the Article of Association. \n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  A Private Company\n  <\/td><td>\n  After obtaining the registration, the\n  producer company will become a body corporate just like a Pvt. Ltd. company\n  to which all the provisions specified in this part apply.&nbsp; \n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Share Capital &amp; the transfer of\n  shares of a Producer Company\n  <\/td><td>\n  The Company will consist of equity\n  shares capital only. The entire active member may have special rights if the\n  same is provided in the Article.\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Internal Audit \n  <\/td><td>\n  Procedure company must have an internal\n  Audit of its accounts and will be carried out in such as manner as specified\n  in the Article By the Chartered Accountant.&nbsp;\n  \n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Penalties\"><\/span>&nbsp;Penalties:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\nbelow-mentioned default by directors of the producer companies amounts to the\npenalty:<\/p>\n\n\n\n<ul><li>Handling the custody of the books of\nAccount<\/li><li>If fails to convene an annual general\nmeeting or other general meetings<\/li><\/ul>\n\n\n\n<p>The\nCompany may be Punishable with the fine of Rupee 1 Lakh, and if the default is\nin continuation, then the everyday penalty of 10000 is levied till the default\ncontinues. <\/p>\n\n\n\n<p>The\nabove is the provision of penalties for non \u2013 compliance and non\u2013annual filing\nof Producer Company.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>After going through this writing, it can be concluded that there various Annual filing of producer company which has to be complied with to avoid heavy penalties and fines, the advantage of regular filings are Credibility and Transparency, Active status and, Assurance customers and Investors.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our Article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/annual-filings-for-limited-liability-partnership\/\">A Complete Guide on Annual Filings for Limited Liability Partnership<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Producer Company means a body corporate having activities or objects specified in section 581B is a produced company under the Companies Act, 1956. This type of Company was introduced in the year 2002. Producer Company is dealt with by the provision of the Companies Act 1956. The producer company can be incorporated into the production, [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":46743,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[415],"tags":[2601],"acf":{"service_id":"321"},"authorName":"Saiyam Shah","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/07\/MicrosoftTeams-image-76.jpg","authorDescription":"Saiyam Shah has done his LL.M in Business Law from Amity Institute of Advanced Legal Studies \u2013 Amity University. His area of interest is legal research related to Indirect \u2013 Tax and Company law. He has prior experience in Tax litigation, dealing with various Income \u2013 Tax Assessments and has good drafting skills in filing arguments and replying to Income \u2013 Tax Notices.","postViews":2754,"readingTime":3,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/46739"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=46739"}],"version-history":[{"count":17,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/46739\/revisions"}],"predecessor-version":[{"id":47325,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/46739\/revisions\/47325"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/46743"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=46739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=46739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=46739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}