The Companies (Amendment) Act 2002 vides notification no. S.O. 135 (E) inserted part IX – A of the Companies Act, 1956 ( hereinafter referred to as “the Act” ) and introduced the concept of Producer Company. In the year 2002 an expert committee led by noted economist Y.K Alagh framed legislation for incorporation of a producer company, and conversion of inter – state cooperative society into a producer company and its reconversion into cooperative society.
It aims at upliftment of rural producers for following reasons:
Rural producers have been at a potential disadvantage given their limited assets, resources, educational and access to advanced technology.
In Indian context the farmers disposes of his produce in unprocessed form there is no plough back of surpluses from value addition to the farm. Agribusiness enterprises are therefore increasingly looking for direct tie up with the farmers to source the agricultural produce required by them. Therefore companies (Amendment) act 2002 part IX-A is a step in this direction.
Separate Legal Entity
Note :- Any one of the directors must self-attest the first three documents. In case of foreign nationals and NRIs, all the documents must be notarised (if currently in India or a non-Commonwealth country) or apostilled (if in a Commonwealth country).
Note :- Your registered office need not be a commercial space; it can be your residence, too.