Rectification of register of members: Tribunal can compel registration and rectify records; noncompliance attracts penalties and liability.

Aggrieved persons, any member, or the company may appeal to the Tribunal or to a competent court abroad for rectification of the register; the Tribunal may order registration of transfers within ten days or rectification of depository records and may award damages. Holders retain transfer rights and acquirers retain voting rights unless suspended by the Tribunal. For transfers contravening securities laws or this Act, the Tribunal may direct companies or depositories to rectify records. Non compliance with Tribunal orders attracts penalties and officer liability.

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