According to the company act 2013, it is mandatory for every citizen of India, must maintain a statutory register at its registered office until the closure of the company. The collapse of the company to maintain a statutory register has to pay a penalty of Rs. 1 Lac, which may increase to Rs. 10 Lac.
In addition, the officers of the organization may also be liable to be punished by getting sentenced for a term which may increase to six months or with a penalty of Rs. 25 thousands which may further extend up to 1 Lac. So, it is most vital for every organization such as private limited company or limited company in India to mandatorily maintain a statutory register.
STERLING CORPORATE CONSULTANTS always help the clients to properly maintain a statotory register through electronically.