Custody of share records: directors and managing director responsible; cancelled certificates may be destroyed after prescribed period. Custody of books and documents for share certificate issues rests with the managing director where one exists, otherwise with every director. All such books must be preserved in good order permanently; surrendered certificates must be defaced with the word 'cancelled' and may be destroyed after the prescribed retention period under a Board resolution and in the presence of a Board appointed person, subject to a proviso excluding cancellations effected under the Depositories Act and related securities regulations.
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.
Custody of share records: directors and managing director responsible; cancelled certificates may be destroyed after prescribed period.
Custody of books and documents for share certificate issues rests with the managing director where one exists, otherwise with every director. All such books must be preserved in good order permanently; surrendered certificates must be defaced with the word "cancelled" and may be destroyed after the prescribed retention period under a Board resolution and in the presence of a Board appointed person, subject to a proviso excluding cancellations effected under the Depositories Act and related securities regulations.
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