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Annual Compliances – Produce Company

Annual Compliances – Produce Company

ANNUAL COMPLIANCES OF A PRODUCER COMPANY
  • As per sec. 184 (1) Every director of the company shall at the first meeting of the board in every financial year disclose his interest in any other entity.
  • Form DIR 8 under sec.164 (2) read with 143 (3g) every director need to file to the company in every financial disclosure of non-disqualification.
  • Every company shall file an annual return within 60 days of holding an annual general meeting in MFT 7.
  • Form AOC 4 company is required to file a financial statement, cash flow statement, profit, and loss account within 30 days of the annual general meeting.
  • Form DPT 3 company is required to file every year before 30th June in respect of return of deposit or particulars not considered as a deposit.
  • Form MSME 1 form company has to file this return within 30 days of the end of half-yearly in respect of pending payment of MSME vendor to the registrar of company.
  • Every director every year is required to file e – form DIR – 3 KYC till 30th September.
  • The company needs to prepare the director report.
  • The company has to circulate the notice of the general meeting at least 14 days before the meeting.
  • The board shall meet every 3 months & 4 board meetings must be held every year.
ANNUAL GENERAL MEETING AND INVESTMENT OF PRODUCER COMPANY

ANNUAL GENERAL MEETING

  • Every producer company each year holds an annual general meeting in addition to any other meeting and the gap between two annual general meetings shall not be more than 15 months.
  • The first annual general meeting shall behold within 90 days from the date of its incorporation. Members shall adopt the articles of association of the producer company.
  • Appointment of board of directors in the annual general meeting.
  • an annual general meeting shall be called upon business hours, shall be on the day which is not a public holiday and held at the registered office of the producer company or some other place within the same city, town, village.
  • 14 days of notice is to be given for calling the annual general meeting.
  • Notice of the annual general meeting mention the date, time, and place of the meeting.
  • Notice of the annual general meeting shall be sent to every member and auditors of the producer company.
  • Unless the articles prescribe for the larger number one–fourth of the total number of members of the company shall be the quorum.
  • Proceeding of the annual general meeting director report, balance sheet, profit & loss account shall be filed with the registrar within 60 days of the annual general meeting.
  • If the producer company is formed by the producer institutions then such institutions represent the general body through the chairman or chief executive.
Notice of Annual general meeting

Notice of the annual general meeting shall be accompanied by the following documents-

    1. Agenda of the annual general meeting.
    2. Minutes of the previous annual general meeting.
    3. Audited balance sheet and profit and loss account if any, along with the board report with respect to-
    4. State of the affairs of the producer company.
        1. Amount paid to limited return on share capital.
        2. The amount is distributed as a patronage bonus.
        3. any material changes and commitments.
        4. A draft resolution for the appointment of a board of directors.
        5. The draft resolution of amendment of memorandum of association or articles of association along with board recommendation.
INVESTMENTS OF PRODUCER COMPANY IN OTHER COMPANIES
  • Producer company for promotion of its objective can acquire the shares of the producer company.
  • Producer company may subscribe to the share capital whether by way of subsidiary, joint venture
  • All investment can be made by the producer company if it is consistent with the objects.
  • Every producer company shall maintain a register of all the investments.
  • The register maintained for the investment shall be kept at the registered office of the company and shall be open for inspection by the members.
  • The general reserves of the company shall be invested to ensure the highest return.
  • A producer company either by itself or together with the subsidiary can invest by way of subscription, purchase, or otherwise.
Why Us?
FAQ ON COMPLIANCES OF A PRODUCER COMPANY

Ans. – no, the annual complaints of producer companies are for all companies wheater it is a working producer company or a nonworking producer company.

no, it depends upon the activity whether it is exempt from the income tax act,1961 or not

No, the producer company must hold a board meeting every quarter of the year.

if there are any changes in the director’s interest then he is required to disclose his interest immediately following the next meeting of the board.

the first annual general meeting of the producer company shall be held within 15 months extension of holding annual general meeting can be granted with the permission of the registrar.

if articles specify the required number of the quorum then it will prevail over one–fourth of the total number of members.