Disclosures of Beneficial Owners in
Indian Company
Relevant Laws:
Meaning:
These days due to the
complex layered Structures in the Body Corporates, it is difficult to identify
the true owners in a company. Therefore, the government to curb practices like
Money Laundering etc. and to bring transparency in ownership of companies, has
come up with the one-time disclosures to identify the real Individual owners
behind every Indian Company.
Eligibility Criteria:
In layman terms,
Beneficial Owner means shareholder of the company
As per Sec 90(1)
Significant Beneficial Owner are those Individuals who are;
·
Holding
10% or more Shares; or
·
Exercising
any right of Significant Influence or Control; and
·
Who
is not entered as Member in the Register of members
Beneficial Owner is required to
disclose necessary details to the company
When is the time to file
Disclosures;
|
First Disclosure within 90 days;
|
Continuous Disclosure Within 30
days;
|
|
1.
Beneficial
Owner to make a declaration within 90 days from the commencement of the rules
i.e. till 12th September 2018 without additional fees
2.
Form
BEN-1 to be filed to the Company.
|
1.
The
beneficial owner after 13th June 2018 shall make a declaration within 30 days
from the date of acquisition/ Change in form BEN-1 to the Company.
2.
Any
change in the significant beneficial ownership shall be filed within 30 days
from the date of such change in form BEN-1.
|
Action to be taken by Company;
As and when company receives any
declaration in Form BEN 1,
·
Company
to file Form BEN 2 within 30 days from the receipt of disclosures from the
Significant Beneficial Owner
·
Maintain
Register of Significant Owners in BEN 3
·
Pls note
that the company can send notices in BEN 4 to any person (whether member or
not) whom they have reasonable cause to believe that he has beneficial interest
in Company
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