Section 2
The Proviso ins. by s. 20, ibid. (w.e.f. 5-7-2018).
2. The Proviso ins. by s. 20, ibid. (w.e.f. 5-7-2018).
(2) The register of charges and instrument of charges, kept under sub-section (1) shall be open for inspection during business hours—
(a) by any member or creditor without any payment of fees; or
(b) by any other person on payment of such fees as may be prescribed, subject to such reasonable restrictions as the company may, by its articles, impose.
86. Punishment for contravention. — 1 [ 2 [(1)] If any company is in default in complying with any of the provisions of this Chapter, the company shall be liable to a penalty of five lakh rupees and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees] .
3 [(2) If any person willfully furnishes any false or incorrect information or knowingly suppresses any material information, required to be registered in accordance with the provisions of section 77, he shall be liable for action under section 447.]
4 [87. Rectification by Central Government in Register of charges.—The Central Government on being satisfied that—
(a) the omission to give intimate to the Registrar of the payment or satisfaction of a charge, within the time required under this Chapter; or
(b) the omission or misstatement of any particulars, in any filing previously made to the Registrar with respect to any charge or modification thereof or with respect to any memorandum of satisfaction or other entry made in pursuance of section 82 or section 83, w as accidental or due to inadvertence or some other sufficient cause or it is not of a nature to prejudice the position of creditors or shareholders of the company, it may, on the application of the company or any person interested and on such terms and conditions as it deems just and expedient, direct that the time for the giving of intimation of payment or satisfaction shall be extended or, as the case may require, that the omission or misstatement shall be rectified.]
CHAPTER VII
MANAGEMENT AND ADMINISTRATION
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 [(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
1. Subs. by Act 29 of 2020, s. 16, for sub-section (1) (w.e.f. 21-12-2020).
2. Section 86 numbered as sub -section (1) thereof by Act 22 of 2019, s.12 (w.e.f. 2-11-2018).
3. Ins. by s. 12, ibid. (w.e.f. 2-11-2018).
4. Subs. by s. 13, ibid., for section 86 (w.e.f. 2-11-2018).
5. Subs. by Act 29 of 2020, s. 17, for sub-section (5) (w.e.f. 21-12-2020).
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 . ]
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