MCA notifies Producer Companies Rules, 2021

The Ministry of Corporate Affairs (MCA)  notified the Producer Companies Rules, 2021. The provisions of the new rules shall apply to a Producer Company as referred in clause (l) of section 378A of the Companies Act, 2013 As regards the change of place of registered office from one State to another, the MCA notified that 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 the registered office of a Producer Company from one State to another. A Producer Company shall make investments from and out of its general reserves in any one or in combination.

a) Firstly, in approved securities, fixed deposits, units, and bonds issued by the Central Government or State Governments or co-operative societies or scheduled banks.

b) Secondly, in a co-operative bank, State co-operative bank, co-operative land development bank or Central co-operative bank.

c) Thirdly, with any other scheduled bank.

d) Fourthly, in any of the securities specified in section 20 of the Indian Trusts Act, 1882 (02 of 1882).

e) Fifthly,  in the shares or securities of any other inter-State co-operative society or any co-operative society.

f) Lastly, in the shares, securities or assets of public financial institutions specified under clause (72) of section 2 of the Act. These rules shall come into force from February 11, 2020.

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