Registration of Producer Company

1.     Applicants

·        Minimum number of members- 10 Individuals or 2 or more producer institutions

·        There is no upper limit on the number of members.

·        A minimum capital – ₹ 500,000

·        Minimum of directors - 5

·        Maximum of directors -15

2.     Name of Producer company

A Producer Company required to be termed using the following suffix Producer Company Limited suitably representing its position of Producer Company. The word private isn’t used in the name & the absence of which does not indicate that the company is public.

3.     Registration of Producer Company

Step 1:          Select a few appropriate names with Producer Limited Company as the last words of the name of such a company. The application shall be made to the Registrar of Companies (ROC).

Step 2:          Drafting of Memorandum and Articles of Associations

 

The Memorandum and Articles of Associations must be signed by the requisite subscribers, i.e. 10 or more individuals, each of them being a producer or 2 or more producer institutions or a combination of ten or more individuals and producer institutions. Each subscriber to the memorandum shall write in his/her own hand, his/her father/husband’s name, occupation, address and the number of shares subscribed for by him/her. The signature of all the subscribers shall also be witnessed. The witness shall also sign and write in his own hand, his name, his father’s name, occupation, and address.

 

Step 2:          Filing of Documents and Forms electronically with Registrar of Companies

                       

4.     Documents required:

1.      Memorandum of Association is to be drafted by incorporating all the objects that the company intends to follow

2.     The Articles of Association is to be drafted containing all the by-laws of the company

3.     An affidavit/declaration has to be signed by all the subscribers of the proposed company declaring their legal competency to act as the subscribers

4.     A utility bill & a NOC has to be taken from the owner whose address is to be used as the registered office of the company. If it is not owned, a lease agreement will be attached to the form

5.     The directors will give their consent to act in the Form DIR – 2 & details in DIR – 8

6.     All the drafted documents will be attached to SPICE Form uploaded to the ROC website.

7.     On proper verification, the ROC will issue a Certificate of Incorporation & the company can start its business operations.

8.     POA, if any, executed by any subscriber authorizing a person to sign the Memorandum and Articles on his behalf. If the subscriber is a body corporate, Certified True Copy of resolution of the Board of Directors authorizing a person to sign the Memorandum & Articles on its behalf. POA in favor of person (professional) authorizing to make any correction at the time of registration.