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TMI BlogLimited Liability Partnership (Significant Beneficial Owners) Rules, 2023.X X X X Extracts X X X X X X X X Extracts X X X X ..... ercisable by a person or persons acting individually or in concert, directly or indirectly, including by virtue of their contribution or management rights or limited liability partnership agreements or other agreements or in any other manner; (d) "fees" means the fees as specified in the Limited Liability Partnership Rules, 2009; (e) "Form" or "e-form" means a form set forth in the Annexure to these rules; (f) "majority stake" means;- (i) holding more than one-half of the equity share capital in the body corporate; or (ii) holding more than one-half of the contribution in a partnership entity; or (iii) holding more than one-half of the voting rights in the body corporate; or (iv) having the right to receive or participate in more than one-half of the distributable dividend or distributable profits or any other distribution by the body corporate including a partnership entity as the case may be; (g) "notification" means the notification number G.S.R. 110 (E), dated the 11th February, 2022; (h) "partnership entity" means a partnership firm registered under the Indian Partnership Act, 1932 (9 of 1932) or a l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent indirectly in the reporting limited liability partnership, if he satisfies any of the following criteria, in respect of a partner of the reporting limited liability partnership, namely: - (i) where the partner of the reporting limited liability partnership is a body corporate (whether incorporated or registered in India or abroad) other than a limited liability partnership. and the individual,- (a) holds majority stake in that partner; or (b) holds majority stake in the ultimate holding company (whether incorporated or registered in India or abroad) of that partner; (ii) where the partner of the reporting limited liability partnership is a Hindu undivided family (through karta), and the individual is the karta of the Hindu undivided family; (iii) where the partner of the reporting limited liability partnership is a partnership entity (through itself or a partner), and the individual, (a) is a partner; or (b) holds majority stake in the body corporate which is a partner of the partnership entity; or (c) holds majority stake in the ultimate holding company of the body corporate which is a partner of the partnership entity. (iv) where the partner of the reporting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m in the Limited Liability Partnership Act, 2008 (6 of 2009). 4. Duty of the reporting limited liability partnership.- (l) Every reporting limited liability partnership shall take necessary steps to find out if there is any individual who is a significant beneficial owner, in relation to that reporting limited liability partnership, and if so, identify him and cause such individual to make a declaration in Form No. LLP BEN-1. (2) Without prejudice to sub-rule (l), every reporting limited liability partnership shall in all cases where its partner (other than an individual), holds not less than ten per cent. of its- (a) contribution; or (b) voting rights; or (c) right to receive or participate in the distributable profits or any other distribution payable in a financial Year,- give notice to such partner in Form No. LLP BEN-4, seeking information in accordance with sub-section (5) of section 90 of the Companies Act, 2013 as applied to the limited liability partnership as per the notification. 5. Declaration of significant beneficial ownership.- (1) On the commencement of these rules, every individual who is a significant beneficial owner in a reporting limited liability pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii) where the information given is not satisfactory, under sub-section (7) of section 90 of Companies Act, 2013 for order directing that the contribution in question be subject to such restrictions as Tribunal deems fit, including- (a) restrictions on the transfer of interest attached to the contribution in question: (b) suspension of the right to receive profits or any other distribution in relation to the contribution in question; (c) suspension of voting rights in relation to the contribution in question; (d) any other restriction on all or any of the rights attached with the contribution in question. 10. Non-applicability.- These rules shall not apply to the extent the contribution of the reporting limited liability partnership is held by.- (a) the Central Government, State Government or any local authority; (b) (i) a reporting limited liability partnership, or (ii) a body corporate, or (iii) an entity, controlled by the Central Government or by one or more State Government, or partly by the Central Government and partly by one or more State Government; (c) an investment vehicles registered with, and regulated by the Securities and Exchange Board of India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ip;…………………………………………………………. City ……………………….. State ………….. Country…………………….. Pin code…………….. e. Nature of indirect holding or exercise of right in the reporting LLP• By virtue of Contribution % By virtue of voting rights in contribution % By virtue of rights in distributable profits or any other distribution % By virtue of exercise of control (attach copy of agreement) By virtue of exercise of significant influence attach copy of agreement) f. Status of significant beneficial owner in the partner of the reporting LLP (mention applicable/Not Applicable) Individual in case of company or any other body corporate Designated Partner or Partner in case of LLP or Partnership firm Karta in case of HUF Trustee in case of a discretionary trust or charitable trust Beneficiary in case of as specific trust Author or settlor in case of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LLP") << Insert Date >> [By post/email] To: Name and address of SBO/any other person Date: Subject: Notice under sub-section (5) of Section 90 of the Companies Act, 2013 and rules made under the Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023 The Limited Liability Partnership has reasonable cause to believe that: __You are a significant beneficial owner of the Limited Liability Partnership; __ You have knowledge of the identity of significant beneficial owner/another person of . .likely to have such knowledge; __being a partner hold not less than 10% of the contribution / voting rights/ rights on distributable profits or any other distribution in the company __ You have been a significant beneficial owner of the Limited Liability Partnership during the three years immediately preceding the date of this notice, and in respect of the above significant beneficial ownership, the declaration for intimation as prescribed under Section 90 of the Act Companies Act, 2013 has not been complied with the Companies Act, 2013 and rules made under the Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023. You are accordi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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