law: Companies Act, 2013 
  91.
  
    Power
  
  to close register of members or debenture holders or other security holders.
  1.      A company may close
  
  the register of members or the register of debentureholders or the register of
  
  other security holders for any period or periods not exceeding in the aggregate
  
  forty-five days in each year, but not exceeding thirty days at any one time,
  
  subject to giving of previous notice of at least seven days or such lesser period
  
  as may be specified by Securities and Exchange Board for listed companies or
  
  the companies which intend to get their securities listed, in such manner as
  
  may be prescribed.
  2.      If the register of
  
  members or of debenture-holders or of other security holders is closed without
  
  giving the notice as provided in sub-section (1 ), or after giving
  
  shorter notice than that so provided, or for a continuous or an aggregate
  
  period in excess of the limits specified in that sub-section, the company and
  
  every officer of the company who is in default shall be liable to a penalty of
  
  five thousand rupees for every day subject to a maximum of one lakh rupees
  
  during which the register is kept closed.