FREQUENTLY ASKED QUESTIONS
1. Is it necessary to keep Statutory Register and Records at its registered office?
– Typically, records are not checked frequently for Private limited companies/LLP. They are usually kept with the CA/ CS, who then submits the records to the client as and when required. Also, the records can be now maintained electronically.
2. Are all company records mandatory to maintain?
– There are certain statutory records such as Minutes book, Register of Member, Register of Directors, Register of Charge, Register of Transfer, Shareholding Register etc which are mandated by the law. Non-maintenance of records can attract an initial penalty of Rs. 5000 and Rs. 500/per day going forward.
3. Can Statutory Register be maintained electronically?
– As per the new companies Act 2013, a company can maintain its register in an electronic form.
4. Can Non Maintenance of Records attract any penalty?
– Yes, if Mandatory records are not maintained by the company then company and officer in default will be liable to pay the penalty. Non-maintenance of records can attract an initial penalty of Rs. 5000 and Rs. 500/per day going forward.