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Ministry of Corporate Affairs (MCA) vide Gazette ID No. CG-DL-E-11022021-225116 and F. No. 5 /1 /2020-CL.I dated 11th day of February, 2021 has released the the Producer Companies Rules, 2021 in section 378H (4) and section 378ZL (1) read with section 469 (1) & (2) of the Companies Act, 2013, and in supersession of the Producer Companies (General Reserve) Rules, 2003, except as respects things done or omitted to be done before such supersession.

Applicability

They shall come into force on the date of their publication in the Official Gazette i.e. w.e.f. 11.02.2021.

To whom Applicable

These rules shall apply to a Producer Company as referred in clause (l) of section 378A.

Key Highlights

1. Key definition clause

Rule 3 (1) (c) 'co-operative society' means a society registered or deemed to be registered under any law relating to co-operative societies for the time being in force in any State

Rule 3 (2) Words and expressions used in these rules but not defined and defined in the Act or in the Companies (Specification of Definitions Details) Rules, 2014, shall have the same meanings respectively assigned to them in the Act or in the said rules.

The Producer Companies Rules, 2021

Rule 4. Change of place of registered office from one State to another

The rules 27, 30 and 31 of the Companies (Incorporation) Rules, 2014, including the forms stated therein shall be applied for the purpose of change of place of registered office of a Producer Company from one State to another.

Analysis

Rule(s) under the Companies (Incorporation) Rules, 2014

Relevant Provisions Gist

27 Notice and Verification of Change of Situation of the Registered Office.-

The notice of change of the situation of the registered office and verification thereof shall be filed in Form No.INC.22 along with the fee and shall be attached to the said form, the similar documents and manner of verification as are specified for verification of Registered office on incorporation in terms of sub-section (2) of section 12.

30. Shifting of Registered office from one State or Union Territory to another state

(1) An application under sub-section (4) of section 13, for the purpose of seeking approval for alteration of memorandum with regard to the change of place of the registered office from one State Government or Union territory to another, shall be filed with the Central Government in Form No. lNC.23 along with the fee and shall be accompanied by the following documents required under this sub – rule.

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.................( read full read at http://ebook.mca.gov.in/Default.aspx?page=rules )

31 Certified Copy of Central Government's Order

The certified copy of the order of the Central Government, approving the alteration of the memorandum for transfer of registered office of the company from one State to another, shall be filed in Form No.INC.28 along with the fee as with the Registrar of the State within thirty days from the date of receipt of certified copy of the order.

 
 

Rule 5. Investment of general reserves

A Producer Company shall make investments from and out of its general reserves in any one or in combination of the following, namely:-

  1. in approved securities, fixed deposits, units and bonds issued by the Central Government or State Governments or co-operative societies or scheduled bank; or
  2. in a co-operative bank, State co-operative bank, co-operative land development bank or Central co-operative bank; or
  3. with any other scheduled bank; or
  4. in any of the securities specified in section 20 of the Indian Trusts Act, 1882 (02 of 1882); or
  5. in the shares or securities of any other inter-State co-operative society or any co-operative society; or
  6. in the shares, securities or assets of public financial institutions specified under clause (72) of section 2 of the Act.
 

Link: http://egazette.nic.in/WriteReadData/2021/225116.pdf

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information

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