when does the register of member remains closed and the time period till which it remained closed???
neha gupta (Staff) (63 Points)
28 November 2011when does the register of member remains closed and the time period till which it remained closed???
Kavithabakiyam
(Asst Company Secretary)
(27 Points)
Replied 28 November 2011
Sec 154 of the Companies Act 1956 lays down provisions in this regard.Kindly verify.
Charu Srivastava
(Company Secretary)
(4210 Points)
Replied 28 November 2011
The main purpose for which Register of Members is closed is to ascertain the names of the Member for payment of final and interim Dividend
payment of interest,
issue of Shares and Debentures,
issue of Bonus etc.
For this notice must be given in atleast one newspaper atleast 7 days before the closing of Register.
The Register of members must be closed for more than 30 days at any one time and not more than 45 days in one year.
Charu Srivastava
(Company Secretary)
(4210 Points)
Replied 28 November 2011
The main purpose for which Register of Members is closed is to ascertain the names of the Member for payment of final and interim Dividend
payment of interest,
issue of Shares and Debentures,
issue of Bonus etc.
For this notice must be given in atleast one newspaper atleast 7 days before the closing of Register.
The Register of members must be closed for more than 30 days at any one time and not more than 45 days in one year.
Rakesh Dhanuka
(Company Secretary)
(478 Points)
Replied 28 November 2011
Charu Ma'am...
would like to rectify ur reply.....
The Register of members must "NOT" be closed for more than 30 days at any one time and not more than 45 days in one year.
Charu Srivastava
(Company Secretary)
(4210 Points)
Replied 28 November 2011
Thanks Rakesh for correction..
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17848 Points)
Replied 28 November 2011
Under section 154, a Company may, after giving not less than 7 days advance notice by advertisement in some newspaper circulatingin the district in which the registered office of the Company is situated, close the register of members for any period or periods not exceeding in the aggregate 45 in each year, but not exceeding 30 days at any one time.
Under Listing Agreement Clause 16:
The Company agrees to close its Transfer Books least once a year at the time of the Annual General Meeting if they have not been otherwise closed at any time during the year and to give to the Exchange the notice in advance of at least seven working days or of as many days as the Exchange may from time to time reasonably prescribe, stating the dates of closure of its Transfer Books (or, when the Transfer Books are not to be closed, the date fixed for taking a record of its shareholders or debenture holders) and specifying the purpose or purposes for which the Transfer Books are to be closed (or the record is to be taken) and to send copies of such notices to the other recognised stock exchanges in India.
The company further agrees that the minimum time gap between the two book closures and/or record dates would be atleast 30 days.
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17848 Points)
Replied 28 November 2011
Procedure to close the Register of Members:
Hold Board Meeting and decide the period of Book Closure.
Issue notice in paper atleast 7 days before the date of Book Closure.
In case of listed Company, send atleast 7 days advance notice to the Stock Exchange also mention the purpose of Book Closure.
Ensure atleast 30 days time gap between 2 book Closure.
CAclubindia
