ministry of corporate affairs

On 27-10-2023, the Ministry of Corporate Affairs notified the Companies (Management and Administration) Second Amendment Rules, 2023 to amend the Companies (Management and Administration) Rules, 2014. The provisions came into force on 27-10-2023.

Key Points:

Rule 9 relating to “Declaration in respect of beneficial interest in any shares” has been revised, inserting the following provision:

  1. Rule 9(4): There should be a person designated by every company for furnishing and extending co-operation to the Registrar and for providing information to the Registrar with respect to beneficial interest in shares of the company.

  2. Rule 9(5): Such designated person can be:

    • A company secretary;

    • Key managerial personnel;

    • Every director in case the above 2 are not there in the company.

  3. Rule 9(6): For the time when no person is designated, the following person will be deemed to have been designated person:

    • company secretary;

    • every Managing Director or Manager;

    • every director.

  4. Rule 9(7): The detail of the designated person has to be shared in the Annual Return by the company.

  5. Rule 9(8): in case of change of designated person at any time, the Registrar will intimate it in e-form GNL-2 specified in Companies (Registration Offices and Fees) Rules, 2014.

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