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of <h1>Companies Must Maintain Registers for Members and Security Holders; Penalties Apply for Non-Compliance Under Relevant Act Sections.</h1> Every company must maintain registers for members, debenture-holders, and other security holders, detailing equity and preference shares for each class. These registers must include an index of names and may be partially maintained as a 'foreign register' for those residing outside India, if authorized by the company's articles. The register of beneficial owners by a depository is considered equivalent under the Act. Failure to maintain these registers properly results in a penalty of three lakh rupees for the company and fifty thousand rupees for each responsible officer.
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