Companies Act 2014 section 1067

Removal of entries from register

Section 1067 sets out the rules governing when and how a PLC may remove entries from the register of interests in shares, how persons named in the register must be notified, and the remedies available if a PLC refuses to update or correct the register.

• A PLC may remove a register entry that is more than six years old, provided it records that a person has ceased to hold a notifiable interest or has been superseded by a later entry
• When a person is named in the register as having an interest in shares based on information provided by someone else, the PLC must notify that person within 15 days and inform them of their right to apply for removal of the entry
• A person may apply in writing to have an incorrect entry removed or to have the register updated to reflect that they are no longer party to a share acquisition agreement, and if the PLC refuses, they may apply to the court for an order
• Failure by a PLC to comply with the notification or index-updating requirements is a category 3 offence for the company and any officer in default

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