Sunday, September 24

MCA Mandate – Significant Beneficial Owners to Declare their Ownership

G.S.R. 561(E) – In exercise of the powers conferred on Section 90 with sub-section (1) & (2) of section 469 of Companies Act, 2013 makes the following rules further to amend the Companies (Significant Beneficial Owners) Rules, 2018.

As per rules

  1. These rules may be called the Companies (Significant Beneficial Owners) Amendment Rules, 2019.
  2. They shall come into force on the date of their publication in the Official Gazette i.e. 08.02.2019

In the principal rules,

The duty of the reporting company

Every reporting company shall have to take the necessary steps to identify significant beneficial owners inside their companies and cause such individuals to make a declaration in Form No. BEN -1. The reporting companies should without discrimination make its member (other than an individual) holds not less than ten percent of its shares or voting rights. It should give notice to such members, and seek information in accordance with section 90, in Form No. BEN-4 to those who have the right to receive or participate in the dividend or any other distribution payable in a financial year.

Declaration of significant beneficial ownership under section 90

Every Individual who is a significant beneficial owner in a reporting company shall file a declaration in Form No. BEN-1 to the reporting company within ninety days from the date of commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019 i.e. 08.02.2019. An individual who subsequently becomes a significant beneficial owner or there is some change that undergoes in his ownership shall have to file a declaration in Form No. BEN -1 within thirty days of acquiring such ownership to the reporting company.

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Important Links

  1. Companies (Significant Beneficial Owners) Rules, 2019
  2. Strict Action Against Significant Beneficial Owners for the wrongful disclosure of the company

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