MARKET DEVELOPMENT
Farmers Open Oil Palm Company Office in Sullia
Farmers Open Oil Palm Company Office in Sullia
09/02/2015 (Hindu Business Line) - In their continued efforts to float Oil Palm and Rural Development Company, a group of oil palm growers in Sullia taluk opened the office of the proposed company named ‘Sukrutha’ in Sullia on Thursday.
Its office was opened in Ashwini Complex, Car Street, Sullia. The company is formally set to be launched on March 9, according to the president designate of the company K. Vasanth Rao.
The membership drive has begun. A farmer could become its member by paying Rs. 500.
Non-profit firm
According to Mr. Rao, the company would be formed under Section 8 of the Companies Act, 2013, which speaks of forming a non profit company with all the scope of a limited company but not with a suffix ‘limited’.
The National Bank for Agriculture and Rural Development (NABARD) has come forward to support managing the company for the first three years, he said.
Its office was opened in Ashwini Complex, Car Street, Sullia. The company is formally set to be launched on March 9, according to the president designate of the company K. Vasanth Rao.
The membership drive has begun. A farmer could become its member by paying Rs. 500.
Non-profit firm
According to Mr. Rao, the company would be formed under Section 8 of the Companies Act, 2013, which speaks of forming a non profit company with all the scope of a limited company but not with a suffix ‘limited’.
The National Bank for Agriculture and Rural Development (NABARD) has come forward to support managing the company for the first three years, he said.