Companies Act

Section 88. Register Of Members, Etc

(1) Every company shall keep and maintain the following registers in such form and in such manner as may be prescribed, namely:–

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(a) register of members indicating separately for each class of equity and preference shares held by each member residing in or outside India;

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(b) register of debenture-holders; and

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(c) register of any other security holders.

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(2) Every register maintained under sub-section (1) shall include an index of the names included therein.

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(3) The register and index of beneficial owners maintained by a depository under section 11 of the Depositories Act, 1996 (22 of 1996), shall be deemed to be the corresponding register and index for the purposes of this Act.

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(4) A company may, if so authorised by its articles, keep in any country outside India, in such manner as may be prescribed, a part of the register referred to in sub-section (1), called “foreign register” containing the names and particulars of the members, debenture-holders, other security holders or beneficial owners residing outside India.

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¹[(5) If a company does not maintain a register of members or debenture-holders or other security holders or fails to maintain them in accordance with the provisions of sub-section (1) or sub-section (2), the company shall be liable to a penalty of three lakh rupees and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees.]

1. Subs. by Act 29 of 2020, s. 17, for sub-section (5) (w.e.f. 21-12-2020).