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.