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Substitution of new section for section 90

Section 22 - Acts - Finance Act - Section 22 - . 22. For section 90 of the principal Act, the following section shall be substituted, namely:- Register of significant beneficial owners in a company '90. (1) Every individual, who acting alone or t .....

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ght 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 make a declaration to the company, specifyi .....

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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 in .....

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as may be 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 m .....

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ompany; (b) to be having knowledge of the identity of a significant beneficial owner or another person likely to have such knowledge; or (c) to have been a significant beneficial owner of the company at any time during the three years immediately pre .....

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ed person within a period not exceeding thirty days of the date of the notice. (7) The company shall,- (a) where that person fails to give the company the information required by the notice within the time specified therein; or (b) where the informat .....

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t, 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 .....

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bunal for relaxation or lifting of the restrictions placed under sub-section (8). (10) If any person fails to make a declaration as required under sub-section (1), he shall be punishable with fine which shall not be less than one lakh rupees but whic .....

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