Section 91 of Companies Act, 2013

91. Power to close register of members or debentureholders or other security holders

(1) A company may close the register of members or the register of debentureholders

or the register of other security holders for any period or periods not exceeding in the

aggregate forty-five days in each year, but not exceeding thirty days at any one time, subject

to giving of previous notice of at least seven days or such lesser period as may be specified

by Securities and Exchange Board for listed companies or the companies which intend to get

their securities listed, in such manner as may be prescribed.

(2) If the register of members or of debenture-holders or of other security holders is

closed without giving the notice as provided in sub-section (1), or after giving shorter notice

than that so provided, or for a continuous or an aggregate period in excess of the limits

specified in that sub-section, the company and every officer of the company who is in

default shall be liable to a penalty of five thousand rupees for every day subject to a maximum

of one lakh rupees during which the register is kept closed.

Complete: companies-act-2013