Producer Company Overview
A producer company is a legally recognized body of farmers/agriculturists, concept made by government of India with the main purpose to improve their standard of living by ensuring them to give available support, income and profitability.
Under companies act, 1956, a producer company can be formed by –
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Authorized Activities of Producer Company
The producer company deals with the production done by its members and is authorized to carry on any of the following activities –
- Processing of the production done by its members. Processing includes preserving, brewing, vinting, drying, distilling, canning and packaging.
- Manufacturing & sale of machinery, equipment or consumable to its producer members.
- Providing education on the mutual assistance principle to the members of the producer company as well as others.
- Rendering consulting services, technical services, training, research & development and other needed activities to promote the interest of producer members.
- Generation, transmission and distribution of power, revitalization of land and water resources, conservation and communication etc.
- Insurance of the first production & its producer.
- Promotion of techniques of mutuality and mutual assistance.
- Welfare of members of the producer company as decided by the board.
- Providing financial assistance to its producer members such as financing of marketing, procurement, processing or other activities such as extending of credit facilities.
Minimum Requirements For The Registration Of Producer Company
The minimum requirements for the registration of a producer company are as follows –