Section 90 - Significant Beneficial Owner (SBO)

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Presentation transcript:

Section 90 - Significant Beneficial Owner (SBO) Changes as per The Companies (Amendment) Bill, 2019

Significant Beneficial Owner Section 90 Introduced by the Companies (Amendment) Act, 2017 Original MCA Notification dated 13th June, 2018 introducing the Companies (Significant Beneficial Owners) Rules, 2018 Amendment Notification issued on 8th February, 2019 to notify the Companies (Significant Beneficial Owners) Amendment Rules, 2019. Section 90 amended through the Companies (Amendment) Act, 2019 (notified on 31st July, 2019)

After sub-section (4), the following New sub-section is inserted:- (4A) Every company shall take necessary steps to identify an individual who is a significant beneficial owner in relation to the company and require him to comply with the provisions of this section.

For sub-section (9), the following sub-section shall be substituted:- Before Amendment:- The company or the person aggrieved by the order of the Tribunal may make an application to the Tribunal for relaxation or lifting of the restrictions placed under sub-section (8).

After Amendment:- The company or the person aggrieved by the order of the Tribunal may make an application to the Tribunal for relaxation or lifting of the restrictions placed under sub-section (8), within a period of one year from the date of such order: Provided that if no such application has been filed within a period of one year from the date of the order under sub-section (8), such shares shall be transferred, without any restrictions, to the authority constituted under sub-section (5) of section 125, in such manner as may be prescribed.”

After sub-section (9), as so substituted, the following New sub-section shall be inserted:- (9A) The Central Government may make rules for the purposes of this section.

In sub-section (11), after the word, brackets and figure “sub-section (4)”, the words, brackets, figure and letter “or required to take necessary steps under sub-section (4A)” shall be inserted. Sub section (11) to be read as follows:- If a company, required to maintain register under sub-section (2) and file the information under sub-section (4) or required to take necessary steps under sub-section (4A), fails to do so or denies inspection as provided therein, the company and every officer of the company who is in default shall be punishable with fine which shall not be less than ten lakh rupees but which may extend to fifty lakh 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