A2Z Management Services Limited is a listed company quoted at Bombay Stock Exchange Limited. The company closed its register of debenture holders in June and August 2016 for 12 and 21 days respectively. The Chief Financi

By virtue of the provisions of the Companies Act, 2013, as contained in section 91(1), a company may close the register of members or the register of debenture-holders or the register of other security holders for any period or periods not exceeding in the aggregate 45 days in each year, but not exceeding 30 days at any one time. In the given case, A2Z Management Services Limited has closed its register of debenture holders for 12 and 21 days in June and August, 2016 respectively. Therefore, the closure is within the time limits prescribed in section 91(1) as each closure has not exceeded 30 days. If the company closes the register again in December, 2016 for another 15 days, the aggregate closure during the year would be 48 days which will exceed the prescribed time limit of 45 days. Hence, the proposal of CFO of the company is not valid under the above provisions of the Companies Act, 2013.