Closure of members' register: statutory notice and limited duration required; non-compliance attracts daily fines under law. Section 154 allows a company to close the register of members or debenture holders only after at least seven days' prior advertisement in a local newspaper and within specified maximum durations for any one closure and in the aggregate per year. If the register is closed without the required notice or beyond the permitted period the company and every officer in default are liable to a daily monetary fine for each day the register remains improperly closed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Closure of members' register: statutory notice and limited duration required; non-compliance attracts daily fines under law.
Section 154 allows a company to close the register of members or debenture holders only after at least seven days' prior advertisement in a local newspaper and within specified maximum durations for any one closure and in the aggregate per year. If the register is closed without the required notice or beyond the permitted period the company and every officer in default are liable to a daily monetary fine for each day the register remains improperly closed.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
