As per clause (1) of section 581O of the Companies Act, 1956, every producer company shall have at least 5 and not more than 15 directors provided in the case of an inter-state co-operative society incorporated as a Producer Company, such company may have more than 15 directors for a period of one year from the date of its incorporation as a Producer Company.

As per Section 581P of the Companies Act, 1956, save as provided in section 581N, the Members who sign the memorandum and the articles may designate therein the Board of
directors (not less than five) who shall govern the affairs of the Producer Company until the directors are elected in accordance with the provisions of this section.

The formation and regulation of Producer Company is governed under the provisions of Sections 581A to 581ZL of Companies Act, 1956, read with Companies Act, 2013, and the rules made thereunder

Yes, there is no need to have a commercial space for registering a company in India