ROC Beneficial Owner Register
Section 88, Subsection 3 requires to maintain the Register and Index of Beneficial Owners in which entries shall be made for the beneficial owner of the shares of the Company where the share certificates are issued in the name of some other person.
Place: These registers are required to be kept at the Registered Office of the Company or at any other place where one tenth of the member resides by passing a Special Resolution.
Authentication of Entries: Entries made in this register shall be authenticated in the Next Board Meeting of the Company by Company Secretary (CS), by Authorised Director/Authorised Person where there is no Company Secretary in the Company.
Inspection: Registers mentioned under this section can be inspected by the members of the company without fee or by any other person with payment of fee of not more than Rs. 50 per inspection.
Penalty: Similar to Register of MembersNon-maintenance may attract the penalty on the Company & every Officer in Default of not less than Rs. 50,000/- which may extend upto Rs. 3 lacs. Also, penalty of Rs. 1,000/- per day if the default continues.
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