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MCPL provides services regarding Multistate Cooperative Society, Mutual Benefit (Nidhi) Company, Producer Company, Section 25 Company, NBFC etc starting from its registration , Advisory services regarding daily activities, finalization of accounts, Submission of annual return and so on.
Multistate Co-Operative Society
A multi-state cooperative society may be registered if its main object is not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of Co-Operatives as people's institutions based on self-help and mutual aid and to enable them to promote their economic and social betterment and to provide functional autonomy and for matters connected therewith or incidental thereto.
A multi-state Co-operative Society is basically a society that is registered or deemed to be registered under the ‘Multi-State Cooperative Societies Act, 2002’ and includes a National Cooperative Society or a Federal Cooperative. Ministry of Agriculture is will issue the registration certificate. 
Multi State Co-operative Societies are of several types:

  • Multistate Credit Co-operative Society
  • Multistate Housing Co-operative Society
  • Multistate Farming Co-operative Society
  • Multistate Dairy Firm Multi State Co-operative Society
  • Multistate Solar Credit Co-operative Society
  • Multistate Multi State Multi Purpose Co-operative Society
  • Multistate Transport Co-operative Society and many more

Producer Company
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.
The companies shall be termed as limited and the liability of the members will be limited to the amount, if any, unpaid on the shares. On registration, the producer company shall become as if it is a private limited company with the significant difference that a minimum of two persons cannot get them registered, the provision relating to a minimum paid-up capital of Rs. 1 lakh will not apply and the maximum number of members can also exceed 50.
Members' equity cannot be publicly traded but be only transferred. As such, "producer companies would not be vulnerable to takeover by other companies or by MNCs.''

Formation of Producer Company

  • Any ten or more individuals, each of them being a producer, that is, any person engaged in any activity connected with primary produce, any two or more producer institutions, that is, producer companies or any other institution having only producers or producer companies as its members or a combination of ten or more individuals and producer institutions, can get a producer company incorporated under the Act.
  • Every producer company is to have at least five and not more than 15 directors.
  • A full time chief executive, by whatever name called, is to be appointed by the board.

Following enclosures and documents are required to be submitted with along the application:

  • A copy of the special resolution passed with2/3 majority of the member.
  • A statement showing names, addresses and occupation of the Directors and the Chief Executive.
  • A list of the members.
  • A statement indicating that the Inter-State Cooperative Society is any one or more of the objects specified in section 581B.
  • A declaration by two or more Directors certifying that the particulars given as per para (1) to (4) above are correct.

RECONVERSION OF PRODUCER COMPANY INTO INTER-STATE COOPERATIVE SOCIETY:
A Producer Company may be reconverted into Inter-State Co-operative Society  after obtaining approval of its members in general meeting by Two-third majority or on request by its creditors representing three-fourth of its value of creditors, may make an application to High Court for its reconversion into ‘Inter-State Co-operative Society’.

DISCRETION OF HIGH COURT:
The High Court, may after having been satisfied, sanction the reconversion which shall be Binding on all members and all creditors and also on the company.
A certified copy of  the order shall be filed with the registrar.
The Producer Company which has been sanctioned reconversion, shall now make application for registration as Inter-State Co-operative Society under the Multi-State Co-operatives Act, 2002.
Our Clients

  • PROGRESS PRODUCER COMPANY LIMITED
  • ARYAN REAL PRODUCER COMPANY LIMITED
  • JIBANDEEP KISHAN PRODUCER COMPANY LIMITED

MUTUAL BENEFIT – NIDHI COMPANIES
Nidhis are regulated by the provisions of the Companies Act in force. They   also come under one class of NBFCs and hence RBI is empowered to issue directions to them in matters relating to their deposit acceptance activities. RBI has in recognition of the fact that these Nidhis deal with their shareholder-members only exempted the notified Nidhis from the core provisions   of the RBI Act and other directions applicable to NBFCs. RBI has been reviewing the directions applicable to Nidhis from time to time. At present, the Nidhis are barred from payment  of  brokerage  on  deposits  and  making  advertisements  in  any  manner.  The  only stipulation of RBI presently applicable to Nidhis pertains to the ceiling on interest rate payable on the deposits
Procedure for Incorporation of Nidhis
At the outset it would be pertinent to mention that there is no Government Notification defining the word ‘Nidhi’. The companies doing Nidhi business, viz. borrowing from members and  lending to members only against security, go under different names such as  Nidhi,   Permanent Fund, Benefit Funds, Mutual Benefit Funds and Mutual Benefit Company.
In  view of the above situation the Committee feels that it is imperative that a precise definition and  meaning should be given to the word Nidhi. Taking into consideration the manner of functioning  of Nidhis at present and the recommendations of the Committee in this report and also to prevent unscrupulous persons using the word  ‘Nidhi’ in their name without being incorporated by Department of Company Affairs and yet doing Nidhi business, the Committee suggests the following definition:

“Nidhi is a company formed with the exclusive object of cultivating the habit of thrift, savings   and functioning for the mutual benefit of members by receiving deposits only from individuals enrolled as members and by lending only to individuals, also enrolled as embers, and which functions as per  Notification and Guidelines prescribed by the DCA. The word Nidhi shall not form part of the name of any company, firm or individual engaged in borrowing and lending money without incorporation by DCA and such contravention will attract penal action.”

Sources of Funds

  • Equity Shares:

No member shall exercise voting rights in excess of 10% of the total voting rights of the
equity shareholders.

  • Preference Shares
  • Deposits
  • Nidhis may be permitted to privately circulate to their members their loan and deposit
    schemes and an abstract of the Balance Sheet..
  • All depositors, be they fixed or recurring, should hold atleast ten shares (Rs.100/-)
  • Fixed Deposits
  • Recurreing Deposits
Registration of Cooperative / Multi-State Cooperative Societies All services after Registration Preparation & Amendment
of
Bye - Laws
Change of
Name & Address of
Society
List of Multistate Societies in India
Election
Procedure
Filing of
Annual Returns with Central Staff
Audit of
Multi State Credit
Co-Operative Society
Any type Consultancy
for Multi State Credit
Co-Operative Society
Other Services related
to Multi-State
Co-Operative Society
Contact Information
Off: 302, Avadh Complex, D-5, Laxmi Nagar,
Near Metro Pillar No. 34, Delhi-110092
Mobile : 09212777844
Phone : 011-65353318

Fax : 011-43027892
E-Mail : caklal@gmail.com