The statutory registers are described as the registers that contain the specific and confidential records of the company shareholders, directors, loans and guarantee, etc. They are required to be placed under the Registered Office of the company.Provided that, such registers or copies of return may also be kept at any other place in India in which more than one-tenth of the total number of members entered in the register of members reside, if approved by a special resolution passed at a general meeting of the company.Provided further, that the period for which the registers, returns and records are required to be kept, shall be such as it may be prescribed.
This is a very important compliancefor a company according to the companies Act, 2013 and provisions mentioned under it. Also, noncompliance of the mentioned sections and rules may result in penalties on the company as well as the defaulting officers. Earlier the records were maintained in the form of Physical copies but under the Company Act, 2013, the maintenance of statutory registers in electronic form has become mandatory.
Provided below are the essential conditions for the statutory registers companies act 2013 electronic form maintenance:- It is essential for every listed company or
- Any company which comprises of more than one thousand shareholders, debenture holders and other security holders and maintain its records, as required to be maintained under the mentioned Act.
What are the statutory registers lists under companies act 2013
The statutory records that are to be kept and maintained in electronic form under the Company Act, 2013 are mentioned below:- Register of Members
- Register of Debenture Holders
- Index of Members & Debenture-Holders
- Register & Index of Beneficial Owner
- Foreign Register of Members, Debenture Holders, Other Security Holders or Beneficial Owners Residing Outside India
- Registers of Renewed & Duplicate Share Certificates
- Registers of Sweat Equity Shares
- Registers of Employee Stock Option (ESOP)
- Registers of Securities Bought Back
- Registers of Deposits
- Registers of Charges
- Registers of Directors & Key Managerial Personnel (KMP) And Their Shareholding
- Registers of Loan & Guarantee
- Registers of Investments of The Company Not Held in Its Name
- Registers of Contracts & Arrangements in Which Directors Are Interested
Why Statutory Registers are required to be maintained?
The maintenance of statutory registers for a reputed and well-functioning organization is essential for maintaining a record and to register its efficient and smooth functioning. It ensures the systematic functioning of the operations of the company. The Company Act, 2013 ensures electronic maintenance of statutory register and book of accounts for relevant documents and financial statements of each Financial Year. As it draws fairness of the company's state of affairs in its offices and branches.
Penalty for non-maintenance of statutory registers
- The non-maintenance of the statutory registers of members as mandated in the Company Act, 2013, the companies will be liable to severe consequences in terms of fines. The minimum penalty amount is Rs. 50,000 which may extend up to 3 lakhs. In the situation the default is still not handled, the fine continues to extend as Rs. 1000 per day during the period the default continues.
- In the case of default in non-maintenance of the register of charges, then the company is charged with a penalty of Rs. 5 Lakh to 10 lakhs, and every officer of the company involved in the default shall be liable to a penalty of Rs. 25,000 to maximum Rs. 1,00,000.
- For non-maintenance of Registers of Directors & Key Managerial Personnel (KMP) And Their Shareholding, the company can be charged with a penalty of Rs. 50,000 up to Rs. 5,00,000.
- The non-maintenance of Registers of Contracts & Arrangements the fine applied for them is Rs. 25,000.
Why Global Jurix for Maintenance of Statutory Registers?
More than often the companies struggle in handling their compliance registers. To end their hassle and to reduce the burden, Global Jurix has been helping the companies across the country. This highly reputed and well-established legal firm comprises of intelligible and sincere lawyers who work responsibly with the clients to assist in maintaining the statutory registers and ensure avoidance of any fines, penalties or other legal issues. The services of this firm have been successfully rendered by various firms with positive feedbacks. Hence, avail the reasonable and genuine legal service of Global Jurix to focus on other aspects of business for exponential growth.
To know more about preparation and maintenance of statutory registers under Companies Act, 2013 by our legal firm, readily contact us over +91-8800-100-284: or mail their queries to: companies@globaljurix.com .