Maintenance of statutory records

Maintenance of Records, Electronically – Companies Act 2013

Maintenance of statutory records process and expert help

Every Company is required to maintain statutory records in the form of registers, minutes etc. throughout its life. Companies under the old Act were maintaining the same in physical form, however Companies Act, 2013 has changed the picture totally for listed companies and a company having not less than 1000 shareholders, debenture holders and other security holders. Such companies now have to compulsorily convert all their records from physical mode to electronic mode till 30 September 2014.

Other companies can choose either to maintain records in physical or electronic form and if they choose to maintain it in electronic form, then they need to follow the prescribed guidelines in Rules. We have summarised the same in this Article.

How should the records be maintained in electronic form?

  • Records have to be maintained in the same formats and in accordance with all other requirements as provided in the Act or rules.
  • Information shall be adequately recorded for future reference.
  • Records must be capable of being readable, retrievable and reproducible in printed form.
  • Records are capable of being dated and signed digitally wherever it is required.
  • Records, once dated and signed digitally, shall not be capable of being edited or altered
  • Records shall be capable of being updated and the date of updating shall be capable of being recorded on every updating

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