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Register of significant beneficial owners in a company

a trust and persons resident outside India, holds beneficial interests, of not less than twenty-five per cent. or such other percentage as may be prescribed, in shares of a company or the right to exercise, or the actual exercising of significant influence or control as defined in clause (27) of section 2, over the company (herein referred to as "significant beneficial owner"), shall mak .....

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prescribed. (4) Every company shall file a return of significant beneficial owners of the company and changes therein with the Registrar containing names, addresses and other details as may be prescribed within such time, in such form and manner as may be prescribed. (5) A company shall give notice, in the prescribed manner, to any person (whether or not a member of the company) whom the company k .....

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ified therein; or (b) where the information given is not satisfactory, apply to the Tribunal within a period of fifteen days of the expiry of the period specified in the notice, for an order directing that the shares in question be subject to restrictions with regard to transfer of interest, suspension of all rights attached to the shares and such other matters as may be prescribed. (8) On any app .....

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n such manner as may be prescribed.] (10) If any person fails to make a declaration as required under sub-section (1), he shall be punishable 3[with imprisonment for a term which may extend to one year or] with fine which shall not be less than one lakh rupees but which may extend to ten lakh rupees 4[or with both] and where the failure is a continuing one, with a further fine which may extend to .....

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liable to action under section 447.] ******************** Notes:- 1. Substituted vide The Companies (Amendment) Act, 2017 Dated 03-01-2018 w.e.f. 13-06-2018, before it was read as, "Investigation of beneficial ownership of shares in certain cases 90. Where it appears to the Central Government that there are reasons so to do, it may appoint one or more competent persons to investigate and repo .....

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