TMI BlogCompanies (Significant Beneficial Owners) Rules, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) In these rules, unless the context otherwise requires,- (a) Act means the Companies Act, 2013 (18 of 2013) ; (b) form means the form specified in Annexure to these rules; (c) registered owner means a person whose name is entered in the register of members of a company as the holder of shares in that company but who does not hold beneficial interest in such shares; (d) section means a section of the Act (e) significant beneficial owner means an individual referred to in sub-section (1) of section 90 (holding ultimate beneficial interest of not less than ten per cent.) read with sub-section (10) of section 89 , but whose name is not entered in the register of members of a company as the holder of such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in of control or ownership; Explanation II. It is hereby clarified that instruments in the form of global depository receipts, compulsorily convertible preference shares or compulsorily convertible debentures shall be treated as 'shares' for the purpose of this clause; (2) Words and expressions used in these rules but not defined and defined in the Act or in Companies (Specification of Definitions Details) Rules, 2014 shall have the meanings respectively assigned to them in the Act and the said Rules. 3. Declaration of significant beneficial ownership in shares under section 90 .- (1) Every significant beneficial owner shall file a declaration in Form No. BEN-I to the company in which he holds the significant b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ub-section (5) of section 90 , in Form No. BEN-4. 7. Application to the Tribunal.- The company may apply to the Tribunal in accordance with sub-section (7) of section 90 , for order directing that the shares in question be subject to restrictions, including - (a) restrictions on the transfer of interest attached to the shares in question; (b) suspension of the right to receive dividend in relation to the shares in question; (c) suspension of voting rights in relation to the shares in question; (d) any other restriction on all or any of the rights attached with the shares in question. 8. Non-Applicability.- These rules are not made applicable to the holding of shares of companies/body corporates, in case of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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