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MCA: NOTIFIES STRICTER NORMS FOR SIGNIFICANT BENEFICIAL OWNERS; DISCLOSURE FAILURES TO ENTAIL RIGHT SUSPENSION
MCA notifies Companies (Significant Beneficial Owners) Amendment Rules, 2019 (‘Rules’), to provide for a – (i) stricter framework for Significant Beneficial Owners (‘SBOs’) and (ii) clearer definition of the term significant beneficial ownership; Comprehensively defines SBO in relation to a reporting Company as an individual – (i) holding more than 10% of shares, voting rights, (ii) having the right to receive/participate in more than 10% of total distributable dividend, and (iii) exercising/having the right to exercise significance influence; Further, delineates ‘significant influence’ in a Company as the power to participate, directly/ indirectly in
the financial and operating policy decisions of the reporting company but having no control/joint control over such policies; Directs every reporting Company to identify its SBO and cause the SBO to submit a declaration in Form No. BEN-1 with the Company, and file a ‘Return of significant beneficial owners in shares’ in Form BEN-2 within 30 days from receipt of Form BEN-1; Empowers the reporting Company to apply to the NCLT, seeking directions to subject an SBO to – (i) restriction on transfer of interest attached to his shares, (ii) suspend his (a) voting rights, (b) right to dividend, or (iii) any other restriction on his rights, if he fails to provide the information on beneficial ownership (in Form BEN-4), or if the information provided is not satisfactory: MCA
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