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Companies (Significant Beneficial Owners) Rules, 2018

Companies Law - F.No.1/1/2018-CL-V - Dated:- 13-6-2018 - GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NOTIFICATION NEW DELHI, 13th June, 2018 G.S.R 561 (E) - In exercise of the powers conferred by Section 90 read with sub-section (1) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, namely :- 1. Short title and commencement. (1) These rules may be called the . (2) They shall come into force on the date of their publication in th .....

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uot;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 shares, and the term 'significant beneficial ownership' shall be construed accordingly; Explanation I. - For the purpose of this clause, the significant beneficial ownership, in case o .....

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neficial owner is the natural person, who, whether acting alone or together with other natural persons, or through one or more other persons or trusts, holds not less than ten per cent. of capital or has entitlement of not less than ten per cent. of profits of the partnership; (iii) where no natural person is identified under (i) or (ii), the significant beneficial owner is the relevant natural person who holds the position of senior managing official; (iv) where the member is a trust (through t .....

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all 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 t .....

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