What is Rectification of register of members and punishment for violation What is Publication of authorised, subscribed and paid-up capital Section 59 and 60 of Indian Companies Act 2013
Rectification of register of members and Publication of authorised, subscribed and paid-up capital are defined under Section 59 and 60 of Indian Companies Act 2013. Provisions under these sections are:
Section 59 of Indian Companies Act 2013 "Rectification of register of members"
(1) If the name of any person is, without sufficient cause, entered in the register of members of a company, or after having been entered in the register, is, without sufficient cause, omitted there from, or if a default is made, or unnecessary delay takes place in entering in the register, the fact of any person having become or ceased to be a member, the person aggrieved, or any member of the company, or the company may appeal in such form as may be prescribed, to the Tribunal, or to a competent court outside India, specified by the Central Government by notification, in respect of foreign members or debenture holders residing outside India, for rectification of the register.
(2) The Tribunal may, after hearing the parties to
the appeal under sub-section (1) by order, either
dismiss the appeal or direct that the transfer or
transmission shall be registered by the company within a
period of ten days of the receipt of the order or direct
rectification of the records of the depository or the
register and in the latter case, direct the company to
pay damages, if any, sustained by the party aggrieved.
(3) The provisions of this section shall not restrict the right of a holder of securities, to transfer such securities and any person acquiring such securities shall be entitled to voting rights unless the voting rights have been suspended by an order of the Tribunal.
(4) Where the transfer of securities is in contravention of any of the provisions of the Securities Contracts (Regulation) Act, 1956, the Securities and Exchange Board of India Act, 1992 or this Act or any other law for the time being in force, the Tribunal may, on an application made by the depository, company, depository participant, the holder of the securities or the Securities and Exchange Board, direct any company or a depository to set right the contravention and rectify its register or records concerned. (Section 42 of Indian Companies Act 1956 and Section of Act 1992)
Punishment for violation of order of Tribunal as per Section 59 of Companies Act 2013
(5) If any default is made in complying with the order of the Tribunal under this section, the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to one year or with fine which shall not be less than one lakh rupees but which may extend to three lakh rupees, or with both.
Section 60 of Indian Companies Act 2013 "Publication of authorised, subscribed and paid-up capital"
(1) Where any notice, advertisement or other official publication, or any business letter, billhead or letter paper of a company contains a statement of the amount of the authorised capital of the company, such notice, advertisement or other official publication, or such letter, billhead or letter paper shall also contain a statement, in an equally prominent position and in equally conspicuous characters, of the amount of the capital which has been subscribed and the amount paid-up.
Penalty for violation of Section 60 of Companies Act 2013
(2) If any default is made in complying with the requirements of sub-section (1), the company shall be liable to pay a penalty of ten thousand rupees and every officer of the company who is in default shall be liable to pay a penalty of five thousand rupees, for each default.
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