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Statutory Provisions

Home Acts & Rules Bill Bills COMPANIES (AMENDMENT) BILL, 2017 This

Clause 21 - Amendment of section 89. - COMPANIES (AMENDMENT) BILL, 2017

COMPANIES (AMENDMENT) BILL, 2017
  • Contents

Amendment of section 89.

21. In section 89 of the principal Act,-

(i) in sub-section (6), the words and figures, "within the time specified under section 403" shall be omitted;

(ii) in sub-section (7), for the words and figures, "under the first proviso to sub-section (1) of section 403", the word "therein", shall be substituted;

(iii) after sub-section (9), the following sub-section shall be inserted, namely:-

"(10) For the purposes of this section and section 90, beneficial interest in a share includes, directly or indirectly, through any contract, arrangement or otherwise, the right or entitlement of a person alone or together with any other person to-

(i) exercise or cause to be exercised any or all of the rights attached to such share; or

(ii) receive or participate in any dividend or other distribution in respect of such share.".

 
 
 
 

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