Register of directors and key managerial personnel and their shareholding, What is Members right to inspect What is Punishment Section 170, 171 and 172 of Indian Companies Act 2013

Register of directors and key managerial personnel and their shareholding, Members right to inspect and Punishment are defined under Section 170, 171 and 172 of Indian Companies Act 2013. Provisions under these sections are:

Section 170 of Indian Companies Act 2013 "Register of directors and key managerial personnel and their shareholding"

(1) Every company shall keep at its registered office a register containing such particulars of its directors and key managerial personnel as may be prescribed, which shall include the details of securities held by each of them in the company or its holding, subsidiary, subsidiary of company's holding company or associate companies.

(2) A return containing such particulars and documents as may be prescribed, of the directors and the key managerial personnel shall be filed with the Registrar within thirty days from the appointment of every director and key managerial personnel, as the case may be, and within thirty days of any change taking place.

Section 171 of Indian Companies Act 2013 "Members right to inspect"

(1) The register kept under sub-section (1) of section 170,--

(a) shall be open for inspection during business hours and the members shall have a right to take extracts therefrom and copies thereof, on a request by the members, be provided to them free of cost within thirty days; and

(b) shall also be kept open for inspection at every annual general meeting of the company and shall be made accessible to any person attending the meeting.

(2) If any inspection as provided in clause (a) of sub-section (1) is refused, or if any copy required under that clause is not sent within thirty days from the date of receipt of such request, the Registrar shall on an application made to him order immediate inspection and supply of copies required thereunder.

Section 172 of Indian Companies Act 2013 "Punishment"

If a company is in default in complying with any of the provisions of this Chapter and for which no specific penalty or punishment is provided therein, the company and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees, and in case of continuing failure, with a further penalty of five hundred rupees for each day during which such failure continues, subject to a maximum of three lakh rupees in case of a company and one lakh rupees in case of an officer who is in default.]

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1. Subs. by Act 29 of 2020, s. 35, for section 35 (w.e.f. 21-12-2020).