What is Declaration in respect of beneficial interest in any share? What is Investigation of beneficial ownership of shares in certain cases? Section 89 and 90 of Indian Companies Act 2013

Declaration in respect of beneficial interest in any share and Investigation of beneficial ownership of shares in certain cases are defined under Section 89 and 90 of Indian Companies Act 2013. Provisions under these sections are:

Section 89 of Indian Companies Act 2013 "Declaration in respect of beneficial interest in any share"

(1) Where the name of a person is entered in the register of members of a company as the holder of shares in that company but who does not hold the beneficial interest in such shares, such person shall make a declaration within such time and in such form as may be prescribed to the company specifying the name and other particulars of the person who holds the beneficial interest in such shares.

(2) Every person who holds or acquires a beneficial interest in share of a company shall make a declaration to the company specifying the nature of his interest, particulars of the person in whose name the shares stand registered in the books of the company and such other particulars as may be prescribed.

 

(3) Where any change occurs in the beneficial interest in such shares, the person referred to in sub-section (1) and the beneficial owner specified in sub-section (2) shall, within a period of thirty days from the date of such change, make a declaration to the company in such form and containing such particulars as may be prescribed.

(4) The Central Government may make rules to provide for the manner of holding and disclosing beneficial interest and beneficial ownership under this section.

Punishment for violation of Section 89 of Companies Act 2013 regarding declaration of beneficial interest

(5) If any person fails, to make a declaration as required under sub-section (1) or sub-section (2) or sub-section (3), without any reasonable cause, he shall be punishable with fine which may extend to fifty thousand rupees and where the failure is a continuing one, with a further fine which may extend to one thousand rupees for every day after the first during which the failure continues.

(6) Where any declaration under this section is made to a company, the company shall make a note of such declaration in the register concerned and shall file, within thirty days from the date of receipt of declaration by it, a return in the prescribed form with the Registrar in respect of such declaration with such fees or additional fees as may be prescribed, within the time specified under section 403.

(7) If a company, required to file a return under sub-section (6), fails to do so before the expiry of the time specified under the first proviso to sub-section (1) of section 403, the company and every officer of the company who is in default shall be punishable with fine which shall not be less than five hundred rupees but which may extend to one thousand rupees and where the failure is a continuing one, with a further fine which may extend to one thousand rupees for every day after the first during which the failure continues.

(8) No right in relation to any share in respect of which a declaration is required to be made under this section but not made by the beneficial owner, shall be enforceable by him or by any person claiming through him.

(9) Nothing in this section shall be deemed to prejudice the obligation of a company to pay dividend to its members under this Act and the said obligation shall, on such payment, stand discharged.

Section 90 of Indian Companies Act 2013 "Investigation of beneficial ownership of shares in certain cases"

Where it appears to the Central Government that there are reasons so to do, it may appoint one or more competent persons to investigate and report as to beneficial ownership with regard to any share or class of shares and the provisions of section 216 shall, as far as may be, apply to such investigation as if it were an investigation ordered under that section.

Register of charges to be kept by Registrar, Responsibility of Company to report satisfaction of charge. Section 81 and 82 of Indian Companies Act 2013

What is Power of Registrar to make entries of satisfaction and release in absence of intimation from company? What is Intimation of appointment of receiver or manager? Section 83 and 84 of Indian Companies Act 2013

What is Company's register of charges? What is Punishment for contravention? Section 85 and 86 of Indian Companies Act 2013

What is Rectification by Central Government in register of charges? What is Register of members etc? Section 87 and 88 of Indian Companies Act 2013

What is Declaration in respect of beneficial interest in any share? What is Investigation of beneficial ownership of shares in certain cases? Section 89 and 90 of Indian Companies Act 2013

What is Power to close register of members or debenture holders or other security holders? What is Annual return? Section 91 and 92 of Indian Companies Act 2013

What is the Return to be filed with Registrar in case promoters’ stake changes? What is the Place of keeping and inspection of registers, returns, etc? Section 93 and 94 of Indian Companies Act 2013

What is Registers, etc., to be evidence? What is Annual general meeting? What is Power of Tribunal to call annual general meeting? Section 95, 96 and 97 of Indian Companies Act 2013

What is Power of Tribunal to call meetings of members, etc? What is Punishment for default in complying with provisions of sections 96 to 98? What is the procedure for Calling of extraordinary general meeting? Section 98, 99 and 100 of Indian Companies Act 2013

 

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