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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:—
(a)
register of members indicating separately for each class of equity and preference shares held by each member residing in or outside India;
(b)
register of debenture-holders; and
(c)
register of any other security holders.
(2)
Every register maintained under sub-section (1) shall include an index of the names included therein.
(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.
(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.
(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.
(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 and every officer of the company who is in default shall be punishable with fine which shall not be less than fifty thousand rupees but which may extend to three lakh rupees and where the failure is a continuing one, with a further fine which may extend to one thousand rupees for every day, after the first during which the failure continues.
Notes, amendments & references (6)

Refer rule 3, 4, 5 , 8 & 28 of the Companies (Management and Administration) Rules, 2014.To view the rule, Click Here

Refer rule 6 of the Companies (Management and Administration) Rules, 2014.To view the rule, Click Here

Refer rule 7, 8 & 28 of the Companies (Management and Administration) Rules, 2014.To view the rule, Click Here

Substituted vide Companies (Amendment) Act, 2020 dated 28.09.2020, yet to be notified. To view the notification, Click Here

(5) Substituted vide Companies (Amendment) Act, 2020 dated 28.09.2020 with effect from 21.12.2020. To view the Act, Click Here . To view the commencement notification, Click Here .

officer 2(59) Officer includes any director, manager or key managerial personnel or any person in accordance with whose directions or instructions the Board of Directors or any one or more of the directors is or are accustomed to act