REGISTER OF MEMBERS


Every company shall keep a register of members in accordance with Section 88(1) of the Companies Act, 2013. Rule 3 of the Companies (Management and Administration) Rules 2014 discuss the particulars in the register of members.

Every company Limited by shares shall from the date of its registration maintain a register of its member in Form MGT – 1. [Rule 3(1)]

Every Company not having share Capital, the Register of member shall contain following particulars in respect of each member:

(a)  Personal Details:

  1. Name of member,
  2. Address (Registered office address in case of body corporate),
  3. E – mail address,
  4. Permanent Account Number (PAN) or Corporate identity Number (CIN),
  5. Unique Identification Number (Aadhar Number), if any,
  6. Name of Father/Mother/spouse,
  7. Occupation,
  8. Status,
  9. Nationality,
  10. Name of Guardian and Date of Birth (in case of minor),
  11. Name and Address of Nominee,

(b)Date of becoming Member,

(c)  Date of cessation

(d)  Amount of Guarantee, if any,

(e)  Any other interest, if any

(f)   Instruction given by member with regard to sending of notices etc. [Rule 3(2)]

Due to drafting error, this seems that Company limited by guarantee having share capital (as they have share capital but not limited by shares) is free to have their own format. I suggest, these companies should follow sub – Rule (2) of Rule 3.

Existing companies shall comply this requirement within six month from the commencement of these Rules. The Rules was commenced on 1st day of April 2014, hence companies have to comply this required on or before 30th September 2014.

FORM MGT – 1:

The Register of member shall be maintained separately for each class of shares.

Name of the company:

Registered Office Address:

Folio Number of Member:

Personal Details:

  1. Name of Member (it seems, name of first joint holders shall be written here),
  2. Name of Joint holders, if any,
  3. Address or Register address (in case of body corporate)
  4. E – mail ID
  5. Corporate Identity Number or Registration number (in case of body corporate),
  6. Unique Identification Number, (This is not made optional here, but this is optional),
  7.  Name of Father/Mother/Spouse,
  8. Status,
  9. Occupation,
  10. Permanent Account Number,
  11. Nationality,
  12. In case of minor:
    1. Name of Guardian
    2. Date of Birth of minor

Detail of Membership:

  1. Date of becoming Member
  2. Date of declaration under Section 89, if applicable,
  3. Name and Address of beneficial owner,
  4. Date of receipt of nomination, if applicable,
  5. Name and Address of Nominee,
  6. Number of shares kept in abeyance, if applicable,
  7. Record of lien on shares, if applicable,
  8. Date of cessation of membership

Instructions:

  1. Particulars of dividend Mandates, power of attorney and other instructions, if any
  2. Instruction for notices, if any

Details of Share holding:

  1. Allotment / Transfer number,
  2. Date of allotment / transfer,
  3. Number of shares allotted/ transferred,
  4. Distinctive numbers (both inclusive) From ___ to ____,
  5. Folio of transferor, if applicable,
  6. Name of Transferor of applicable,
  7.  Date of issue or endorsement of share certificate,
  8. Share Certificate Number,
  9. Lock in period, if any,
  10. Amount in Rupees:If shares are issued for consideration other than cash, brief particulars thereof,
    1. Payable,
    2. Paid / Deemed to be paid,
    3. Due,
  11. Date of transfer/ Transmission/ Forfeiture/ Redemption etc.
  12. Number of shares transferred/ transmitted/ foreited/ redeemed etc
  13. Distinctive Numbers (both inclusive) from ___ to___,
  14. Folio of transferee
  15. Balance shares (after transfer/ transmission/ forfeiture/ redemption etc.)
  16. Remarks,
  17. Authentication Signature

INDEX OF NAMES [Rule 6]:

Every register maintained under sub-section (1) of section 88 shall include an index of the names entered in the respective registers and the index shall, in respect of each folio, contain sufficient indication to enable the entries relating to that folio in the register to be readily found:

Provided that the maintenance of index is not necessary in case the number of members is less than fifty.

The company shall make the necessary entries in the index simultaneously with the entry for allotment or transfer of any security in such Register.

AUTHENTICATION [Rule 8]:

The entries in the registers maintained under section 88 and index included therein shall be authenticated by the company secretary of the company or by any other person authorised by the Board for the purpose, and the date of the board resolution authorising the same shall be mentioned.

The entries in the foreign register shall be authenticated by the company secretary of the company or person authorised by the Board by appending his signature to each entry.

Please note: I welcome your comments and feedback. This blog post is not a professional advice. Readers may share this post on social media by using buttons given here.

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5 responses to “REGISTER OF MEMBERS

  1. Pingback: Amendment in Management and Administration Rules | AishMGhrana

  2. Pingback: Index of Companies Law Posts | AishMGhrana

  3. Pingback: FOREIGN REGISTER OF MEMBERS AND SECURITIES HOLDERS | AishMGhrana

  4. Is it binding on the company incorporated in 1932 to keep register of members in MGT1 format wherein most of the shareholders are deceased?

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    • What the company doing right now? There must be members above 2 in case of pvt or 7 in case of public company. All deceased members may be surviving through their legal representative.
      Yes, Company is required to keep register as per present law.

      Like

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