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of <h1>Fixed penalties under Section 88 Companies Act for failing to maintain registers of members and security holders</h1> Section 88 of the Companies Act, 2013 mandates every company to maintain prescribed registers of members, debenture-holders, and other security holders, with separate details for each class of equity and preference shares and an index of names. Depository registers of beneficial owners are deemed corresponding registers for the Act's purposes. Companies may, if authorised by their articles, maintain a foreign register abroad for holders and beneficial owners residing outside India. Failure to maintain these registers or their indices in accordance with the Act attracts a fixed penalty on the company of three lakh rupees and on each defaulting officer of fifty thousand rupees.
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