Essential details about a corporation, such as its members, directors, and charges, are listed in a statutory register. Statutory registers to be maintained by a company, as per the Companies Act of 2013.
The statutory registers to be maintained by a company in paper copy or electronic form at the company’s registered office. The corporation is responsible for keeping the registers current and making sure that its members and directors may access them. The registrar of companies may impose fines for failure to keep the required registers. Punishment of up to Rs. 10 lakhs may be imposed on the corporation for failing to maintain statutory registers.
An essential component of corporate governance is statutory registries. They contribute to the transparent and accountable management of the business’s operations. Statutory registers to be maintained by a company to avoid fines, so businesses must take care to maintain their statutory registers correctly.