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March 07, 2017 Registrationwala

Maintaining Statutory Register of the Company

Business Tips

Maintaining Statutory Register of the Company

Company is a legal entity made up of association of people. Companies can be natural, legal, or mixture. These are the organizations which can be commercial as well as industrial. Members of the company share a common goal and focus upon by uniting themselves. Company’s goal is an agenda for the employees of the company which is  achieved by the talent, effort, and skills in them.  

Statutory register is a form of register in which company’s data is maintained. Every company needs to have a statutory register which is kept in registered office or in Company’s house. Mostly these are the single bound book or loose-leaf binder which can be kept in any form, such as a computer record.  

According to Section 94, private companies may opt to keep certain information on the Central Companies House register instead of on their own statutory registers. In most of the companies, it is important to keep statutory registers. Since it is not only is it requirement of the Companies Act. But, also they should be kept up to date. Most probably the register of members, in particular, is the primary authority.

There are different types of Statutory Register

  • Register of members
  • Inspecting the register of members
  • Register of directors
  • Register of secretaries
  • Register of charges
  • Persons with significant control ("PSC") register
  • Other registers

Register of members

In every company record of the members (shareholders) is kept. This includes the names, addresses, numbers, Class of shares of the members. It also includes the date at which the person was registered or ceased as a member, the amount paid, or agreed to be considered as paid, on the shares.

Inspection of the Register

In Companies Act, 2006 there is an amendment about the inspection of the register. It remains open to any member of the company without payment. It can be with anyone else on payment of the prescribed fee.

Request for inspection or copies must contain the following information

  • Name and Address of the person making a request .This should also have the name of the organization they are acting. 
  • The purpose for which the information is to be used whether the information will be disclosed to any other person.
  • It must comply within 5 working days or apply to the court.

Register of directors

  • In every company, there must be the register of its director.
  • It must require contained particular of each person who is a director of the company.
  • The register must be inspected in company’s registration office or at a place specified in regulations.
  • The notice must be given to the registrar. The register must be open to the inspection. This should be available to every member without charge.
  • There is a provision of shadow director which is treated as an officer of the company.
  • A person found guilty in an offense under this section is liable on summary conviction to a fine not exceeding level 5 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 5 on the standard scale.
  • Inspection of the register can be refused and the court may by order compel an immediate inspection of it.

Register of Secretaries

Company register of secretaries is required under section 275.In many Private companies, There are many companies where there are company secretary.

Register of charges

In every limited company, there is a requirement to keep its registered office a register of charges and enter in it all charges specifically affecting property of the company and all floating charges.

  • It has been abolished as far as all charges created by the Companies Act, 2006.
  • This register must be kept with regard to all charges on the undertaking or any property of the company created before that date.
  • These are in case of short description of the property charged and the amount of the charge.
  • The names of the persons entitled to the charge.

Persons with significant control (PSC) register is the new register of people with significant control underemployment act 2015  .

Register of Debenture holders- Every company should keep this register .This is the register for holders and Register of any other security holders in accordance with Section 88(1) of the Companies Act, 2013. This register is allotted in every company used to maintain a separate register of debenture holders or security holders

Other registers are the registers, such as a register of allotments, register of transfers, These are not statutory registers and there is no obligation.

 

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