88. Register of members, etc
Every company shall keep and maintain the following registers in such form and in such manner as may be prescribed, namely:—
register of members indicating separately for each class of equity and preference shares held by each member residing in or outside India;
register of debenture-holders; and
register of any other security holders.
Every register maintained under sub-section (1) shall include an index of the names included therein.
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.
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.
[(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.]
Amendment notes (1)
- Subs w.e.f. 21-12-2020 . Subs. by Act 29 of 2020, s. 17, for sub-section (5) (w.e.f. 21-12-2020).