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, 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, debentureholders,
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 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.