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SIGNIFICANT BENEFICIAL OWNERS IN A COMPANY

Corporate Laws / Banking / SEBI - By: - Mr. M. GOVINDARAJAN - Dated:- 9-1-2018 - Investigation Section 90 of the Companies Act, 2013 ( Act for short) provides for investigation of beneficial ownership of shares in certain cases. The said section provides that where it appears to the Central Government that there are reasons to do, it may appoint one or more competent persons to investigate and report as to beneficial ownership with regard to nay share or class of shares and the provisions of sec .....

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ting alone or together or through one or more persons or trust, including a trust and persons resident outside India, holds beneficial interests, of not less than 25% 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 over the company shall make a declaration to the company specifying the nature of his interest and other particulars in such manner and within such period of acquisition of the .....

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inues, will be imposed. If any person willfully furnishes any false or incorrect information or suppress any material information of which he is aware in the declaration made under this section, he shall be liable to action under section 447 of the Act. Register Every company shall maintain a register of the interest declared by the individuals and changes therein which shall include the name of the individual, date of birth, address, details of ownership in the company and such other details as .....

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scribed manner to any person, whether or not a member of the company, whom the company knows or has reasonable cause to believe- to be a significant beneficial owner of the company; to be having knowledge of the identify of a significant beneficial owner or another person likely to have such knowledge; or to have been a significant beneficial owner of the company at any time during the three years immediately preceding the date on which the notice is issued, and who is not registered as a signif .....

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