Minutes And Statutory Registry

Each Company incorporated in India is required to maintain statutory registers and records. The records can be kept online, electronically. The statutory records shall be kept at the registered office of the company.

Having a successful business in India you will need to comply with the legislative needs, meaning specific documents and registers must be maintained. It is necessary for regulatory disclosure, and statistical purposes to maintain these records and logs. Keeping these documents helps a company maintain its operations in an organized manner both across the nation and internationally.

Statutory Registers

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What is Prepare Board Resolutions/ Minutes of Meetings / Maintain Statutory Registry?

Every Private & Public company incorporated in India has to compulsorily prepare board resolutions, minutes of meeting and also maintain Statutory Registry. The statutory records are kept in the registered office of the company. All the members of the company have the rights to inspect the records. If the company fails to maintain any record, penalties are charged. The records must be up to date and if in case of any change, necessary adjustments must be made.

Table Of Contents

Overview

Rules applicable for board resolution/minutes of meeting/Statutory register

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FAQs

a. How long is board resolution valid?

Board resolutions are valid for a period of 10 years

b. How many types of board resolution are there?

There are types of board resolution namely special resolution & ordinary resolution

c. Can a shareholder propose a resolution?

Yes, shareholders having 5% of shares can propose a resolution but it is not agreed within 28 days then is not accepted.

d. Which statutory registers are mandatory to maintain under the act?
  • 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.
e. Can anyone ask for a copy/extract of the statutory register?

Any such member, debenture-holder, other security holder or beneficial owner or any other person may ask. Fees are charged if they ask for a copy of the register.

f. Consequences if a company fails to maintain the Statutory Register?

Non-maintenance of such a register may attract the penalty on the Company and every Officer in Default of not less than ₹ 50,000/- which may extend up to ₹ 3 lacs. Also, a penalty of ₹ 1,000/- per day if the default continues.

g. Still, have doubts?

Speak to our experts who shall solve all your doubts.

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