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Section 11 – The Depositories Act, 1996

The Depositories Act, 1996

 

 

11. REGISTER OF BENEFICIAL OWNER.

 

Every depository shall maintain a register and an index of beneficial owners in the manner provided in section 150, section 151 and section 152 of the Companies Act, 1956 (1 of 1956).

 

Comments

 

Sections 150, 151 and 152 of the Companies Act, 1956 (1 of 1956) are reproduced below for ready reference:

 

“150. Register of members.—(1) Every company shall keep in one or more books a register of its members, and enter therein the following particulars:—

 

(a) the name and address, and the occupation, if any, of each member;

(b) in the case of a company having a share capital, the shares held by each member, distinguishing each share by its number, and the amount paid or agreed to be considered as paid on those shares;

 

(c) the date at which each person was entered in the register as a member; and

 

(d) the date at which any person ceased to be a member:

 

Provided that where the company has converted any of its shares into stock and given notice of the conversion to the Registrar, the register shall show the amount of stock held by each of the members concerned instead of the shares so converted which were previously held by him.

 

(2) If defaults is made in complying with sub-section (1), the company, and every officer of the company who is in default, shall be punishable with fine which may extend to fifty rupees for every day during which the default continues.”

 

“151. Index of members.—(1) Every company having more than fifty members shall, unless the register of members is in such a form as in itself to constitute an index, keep an index (which may be in the form of a card index) of the names of the members of the company and shall, within fourteen days after the date on which any alteration is made in the register of members, make the necessary alteration in the index.

 

(2) The index shall, in respect of each member, contain a sufficient indication to enable the entries relating to that member in the register to be readily found.

 

(3) The index shall, at all times, be kept at the same place as the register of members.

 

(4) If default is made in complying with sub-section (1), (2) or (3), the company, and every officer of the company who is in default, shall be punishable with fine which may extend to fifty rupees.”

 

“152. Register and index of debenture-holders.—(1) Every company shall keep in one or more books, a register of the holders of its debentures and enter therein the following particulars, namely:—

 

(a) the name and address, and the occupation, if any, of each debenture-holder;

 

(b) the debentures held by each holder, distinguishing each debenture by its number, and the amount paid or agreed to be considered as paid on those debentures;

 

(c) the date at which each person was entered in the register as a debenture-holder; and

 

(d) the date at which any person ceased to be a debenture-holder.

 

(2) (a) Every company having more than fifty debenture-holders shall, unless the register of debenture-holders is in such a form as in itself to constitute an index, keep an index (which may be in the form of a card index) of the names of the debenture-holders of the company and shall, within fourteen days after the date on which any alteration is made in the register of debenture-holders make the necessary alteration in the index.

 

(b) The index shall, in respect of each debenture-holder, contain a sufficient indication to enable the entries relating to that holder in the register to be readily found.

 

(3) If default is made in complying with sub-section (1) or (2), the company, and every officer of the company who is in default, shall be punishable with fine which may extend to fifty rupees.

 

(4) Sub-sections (1) to (3) shall not apply with respect to debentures which ex facie, are payable to the bearer thereof.”

 

 

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The Depositories Act, 1996

 

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