Companies (Significant Beneficial Ownership) Rules, 2018 has been notified on 13th June 2018. As per Section 90 of the Companies Act, 2013 (‘Act’), Significant Beneficial Owner in a company means beneficial owner holding ultimate beneficial interest not less than 10% and whose name is not entered in the register of members of a Company.
Where person other than individuals or natural person are members of the Company, then significant beneficial owner in such as case will be the natural person, who, whether acting alone or together with other natural persons, or through one or more other persons or trust holding atleast 10% of share capital of the member Company/partnership firm/ trust or who exercise significant influence or control in the member through other means.
With respect to these beneficial owners, 4 forms have been proposed, which are required to be filed under the Rules:
BEN-1
As per Rule 3, the declaration has to be filed to the Company in form BEN- 1 by every significant beneficial owner within 90 days of commencement of these rules i.e. 14th June, 2018 and within 30 days of change in significant beneficial ownership (includes acquiring such significant beneficial ownership). If there is an acquisition of or any change in significant beneficial ownership, then the declaration should be made within 30 days of such change.
BEN-2
After receiving declaration from significant beneficial owners, the company will file a declaration in Form BEN-2 with the Registrar within 30 days from the date of receipt of such declaration.
BEN-3
Company is required to maintain the register of significant beneficial owners in Form BEN-3. This register shall be open for public inspection during business hour on every working day on payment of such fee as may be specified by the company but not exceeding Rs. 50 for each inspection.
BEN-4
The company can give notice in Form BEN-4, to the individuals which they apprehend to be the Significant beneficial owners to provide the company with required information as required under the rules.
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