{"id":209899,"date":"2019-02-13T16:00:57","date_gmt":"2019-02-13T10:30:57","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=209899"},"modified":"2019-02-13T16:03:49","modified_gmt":"2019-02-13T10:33:49","slug":"central-government-notifies-companies-significant-beneficial-owners-amendment-rules-2019","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/13\/central-government-notifies-companies-significant-beneficial-owners-amendment-rules-2019\/","title":{"rendered":"Central Government Notifies — Companies (Significant Beneficial Owners) Amendment Rules, 2019"},"content":{"rendered":"

G.S.R. 100(E)\u2014<\/strong> In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 read with Section 90 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Significant Beneficial Owners) Rules, 2018, namely<\/strong>:-<\/p>\n

1. (1) These rules may be called the Companies (Significant Beneficial Owners) Amendment Rules, 2019.
\n(2) They shall come into force on the date of their publication in the Official Gazette.<\/p>\n

2. In the Companies (Significant Beneficial Owners) Rules, 2018 (hereinafter referred to as the principal rules), in Rule 2, in sub-rule (1), for clauses (b) to (e), the following clauses shall be substituted, namely:-<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u2018(b) \u201ccontrol\u201d means control as defined in clause (27) of Section 2 of the Act;
\n(c) “form” means the form specified in Annexure to these rules;
\n(d) \u201cmajority stake\u201d means;-<\/p>\n

\u00a0(i) holding more than one-half of the equity share capital in the body corporate; or
\n(ii) holding more than one-half of the voting rights in the body corporate; or
\n(iii) having the right to receive or participate in more than one-half of the distributable dividend or any other distribution by the body corporate;<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0(e) \u201cpartnership entity\u201d means a partnership firm registered under the Indian Partnership Act, 1932 (9 of 1932) or a limited liability partnership registered under the Limited Liability Partnership Act, 2008 (6 of 2009);
\n(f) \u201creporting company\u201d means a company as defined in clause (20) of Section 2 of the Act, required to comply with the requirements of Section 90 of the Act;
\n(g) \u201csection\u201d means a section of the Act;
\n(h) \u201csignificant beneficial owner\u201d in relation to a reporting company means an individual referred to in sub section (1) of Section 90, who acting alone or together, or through one or more persons or trust, possesses one or more of the following rights or entitlements in such reporting company, namely:-<\/p>\n

\u00a0(i) holds indirectly, or together with any direct holdings, not less than ten per cent. of the shares;
\n(ii) holds indirectly, or together with any direct holdings, not less than ten per cent. of the voting rights in\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0the shares;
\n(iii) has right to receive or participate in not less than ten per cent. of the total distributable dividend, or any other distribution, in a financial year through indirect holdings alone, or together with any direct holdings;
\n(iv) has right to exercise, or actually exercises, significant influence or control, in any manner other than through direct holdings alone:<\/p>\n

Please follow the link for the detailed notification: NOTIFICATION<\/strong><\/a><\/p>\n

Ministry of Corporate Affairs<\/p>\n","protected":false},"excerpt":{"rendered":"

G.S.R. 100(E)\u2014 In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 read with Section 90 of the <\/p>\n","protected":false},"author":8808,"featured_media":209748,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[33788,33787],"class_list":["post-209899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-33788","tag-companies-significant-beneficial-owners-amendment-rules"],"yoast_head":"\nCentral Government Notifies --- Companies (Significant Beneficial Owners) Amendment Rules, 2019 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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2018","format":false,"excerpt":"G.S.R. 213(E) .\u2013 In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 read with Section 398 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Filing of Documents and Forms in Extensible Business\u2026","rel":"","context":"In "Foreign Legislation"","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":184524,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/01\/29\/companies-appointment-qualification-directors-amendment-rules-2018-notified\/","url_meta":{"origin":209899,"position":1},"title":"The Companies (Appointment and Qualification of Directors) Amendment Rules, 2018, notified","author":"Saba","date":"January 29, 2018","format":false,"excerpt":"G.S.R\u2026 (E)- In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014, namely: 1. (1) These rules may\u2026","rel":"","context":"In "Foreign Legislation"","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":214837,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/05\/18\/notification-companies-appointment-and-qualification-of-directors-second-amendment-rules-2019\/","url_meta":{"origin":209899,"position":2},"title":"Notification | Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2019","author":"Bhumika Indulia","date":"May 18, 2019","format":false,"excerpt":"G.S.R. 368(E).\u2014In exercise of the powers conferred by the second proviso to sub-section (1), sub-section (4), clause (f) of sub section (6) of Section 149, sub-sections (3) and (4) of Section 150, Section 151, sub-section (5) of Section 152, Section 153, Section 154, Section 157, Section 160, sub-section (1) of\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":184864,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/01\/30\/companies-incorporation-amendment-rules-2018-notified\/","url_meta":{"origin":209899,"position":3},"title":"The Companies (Incorporation) Amendment Rules, 2018, notified","author":"Saba","date":"January 30, 2018","format":false,"excerpt":"G.S.R\u2026 (E)- In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Incorporation) Rules, 2014, namely: 1. (1) These rules may be called the Companies\u2026","rel":"","context":"In "Foreign Legislation"","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":195173,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/11\/the-companies-share-capital-and-debentures-amendment-rules-2018-notified\/","url_meta":{"origin":209899,"position":4},"title":"The Companies (Share Capital and Debentures) Amendment Rules, 2018, notified","author":"Saba","date":"April 11, 2018","format":false,"excerpt":"G.S.R. ________ (E).\u2014 In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Share Capital and Debentures) Rules, 2014, namely: 1. Short title and commencement.\u2026","rel":"","context":"In "Foreign Legislation"","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":220823,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/10\/14\/companies-meetings-of-board-and-its-powers-amendment-rules-2019\/","url_meta":{"origin":209899,"position":5},"title":"Companies (Meetings of Board and its Powers) Amendment Rules, 2019","author":"Bhumika Indulia","date":"October 14, 2019","format":false,"excerpt":"In exercise of the powers conferred by Sections 173, 177, 178 and Section 186 read with Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Meetings of Board and its Powers) Rules, 2014, namely:- 1. 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