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31 May 2021
Section 378A(I) of the Companies Act 2013 defines a 'producer company' as a body corporate which:
The following combination of producers can incorporate a producer company under the Companies Act 2013:
If satisfied that all requirements regarding registration have been complied with, the registrar will register the memorandum, articles and other documents, if any, and issue a certificate of incorporation under the Companies Act 2013 within 30 days of receipt of the requisite documents.
Pursuant to registration under the Companies Act 2013, a producer company becomes a body corporate as if it is a private limited company, to which the provisions of producer companies apply. However, there is no limit on the number of members that a producer company may have.
Under no circumstances can a producer company become or be deemed to have become a public limited company.
The key features of producer companies are as follows:
Lastly, all limitations, restrictions and provisions of the Companies Act 2013 which apply to private companies, other than those specified in the provisions of producer companies, will, as far as may be, apply to producer companies as if they are private limited companies under the Companies Act 2013, insofar as they do not conflict with the provisions of producer companies.
For further information on this topic please contact Neetika Ahuja or Tanuja Kaushik at Clasis Law by telephone (+91 11 4213 0000) or email (email@example.com or firstname.lastname@example.org). The Clasis Law website can be accessed at www.clasislaw.com.
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