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2020 (1) TMI 1267 - Tri - Companies LawNon-filing/furnishing of information in Form BEN-1 i.e. the declaration by the beneficial owner, who holds or acquires Significant Beneficial Ownership in share - HELD THAT:- Since the Respondent Company i.e. J.P. Financial Services Pvt. Ltd., is a body corporate member of the applicant, as such it is mandated to provide details of Significant Beneficial Owner as per Rules i.e. in terms of Explanation III of clause (h) of sub Rule 1 of Rule of SBO Rules, an individual shall be considered to hold a right or entitlement indirectly in the Reporting Company, if he satisfies the criteria in respect of a member of the Reporting Company - Thus, the Respondent being Corporate member of the applicant company holding 25 per cent plus share of applicant company, as such applicant issued notice in Form No. BEN-4 on 19.07.2019 under Rule 2A(2) of the Rules to Respondent/J.P. Financial Services Pvt. Ltd., (Respondent of CP No. 82 of 2019). The said notice in Form No. BEN-4 attaching Form No. BEN-1 is enclosed with application at Page No. 13-14 as Annexure 1 (Colly). The said notice was received by the Respondent on 20.07.2019 as per track report annexed at Page 18 of the application. But the Respondent/J.P. Financial Services Pvt. Ltd., failed to give reply by furnishing information in Form No. BEN-1 to applicant within a period of 30 days. Hence the applicant compelled to file the instant application within a statutory period as provided in the Act under section 90(7). It is also a matter of record that during the course of arguments, the Respondent/J.P. Financial Services Pvt. Ltd., also filed an affidavit dated 24th October, 2019, through its authorized signatory Mr. Majoj Chandok, whereby the Respondent/J.P. Financial Services Pvt. Ltd., affirmed and assert on oath relying on the shareholding pattern of the Company as reflected at Page 93 of the Reply, and further affirmed that there is no individual having more than 10 per cent of the answering respondent. The applicant may take appropriate/necessary steps to file Form No. BEN-1, based on the disclosure made by Respondent/J.P. Financial Services Pvt. Ltd. - However, the Respondent Company is directed to take sufficient care regarding the recognition of the individual(s) being the Significant Beneficial Owner(s) of the Respondent Company or its member and cause them to make the necessary disclosure, within stipulated period. Further, every individual who subsequently becomes a significant beneficial owner/or where his significant beneficial ownership undergoes any change(s) shall file a declaration in Form No. BEN-1 to the Reporting Company in stipulated time as provided in the rules and/or as per MCA circular, if any, to avoid attraction of penal action. Petition dismissed.
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