TMI BlogRegister of significant beneficial owners in a companyX X X X Extracts X X X X X X X X Extracts X X X X ..... y, specifying the nature of his interest and other particulars, in such manner and within such period of acquisition of the beneficial interest or rights and any change thereof, as may be prescribed: Provided that the Central Government may prescribe a class or classes of persons who shall not be required to make declaration under this sub-section. (2) Every company shall maintain a register of the interest declared by individuals under sub-section (1) and changes therein which shall include the name of individual, his date of birth, address, details of ownership in the company and such other details as may be prescribed. (3) The register maintained under sub-section (2) shall be open to inspection by any member of the company on p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 application made under sub-section (7), the Tribunal may, after giving an opportunity of being heard to the parties concerned, make such order restricting the rights attached with the shares within a period of sixty days of receipt of application or such other period as may be prescribed. 3 [ (9) The company or the person aggrieved by the order of the Tribunal may m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and in case of continuing failure, with a further penalty of two hundred rupees for each day, after the first during which such failure continues, subject to a maximum of one lakh rupees. ] (12) If any person wilfully furnishes any false or incorrect information or suppresses any material information of which he is aware in the declaration made under this section, he shall be 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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