{"id":225305,"date":"2020-02-10T12:30:41","date_gmt":"2020-02-10T07:00:41","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=225305"},"modified":"2021-03-21T14:37:11","modified_gmt":"2021-03-21T09:07:11","slug":"compliance-checklist-for-declaration-of-beneficial-interest-in-shares-of-company","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/10\/compliance-checklist-for-declaration-of-beneficial-interest-in-shares-of-company\/","title":{"rendered":"Compliance Checklist for declaration of beneficial interest in shares of company"},"content":{"rendered":"

Introduction<\/b><\/span><\/p>\n

Generally, a person whose name appears in the register of members is presumed to have a beneficial interest in the shares registered in his name. However, in certain cases, the person whose name appears in the register may be holding shares on behalf of or for the benefit of some other person i.e. the \u201cbeneficial interest\u201d may belong to someone else.\"\"<\/p>\n

\u201cBeneficial interest\u201d in shares of a company is a very important aspect from the perspective of the shareholders and person holding beneficial interest. Section 89 of the Companies Act, 2013 (the Act) relates to the declaration of beneficial interest in shares. Also, understanding the provisions of Section 89 of the Act is also important from the perspective of complying with the provisions of Section 90 (relating to \u201cregister of significant beneficial owners in a company\u201d). This article is a checklist w.r.t. beneficial interest in shares, disclosures and compliances.<\/p>\n

1. Identification of \u201cRegistered Owner\u201d.<\/i><\/span>\u2014Registered owner of the shares means a person whose name is entered in the register of members of a company, but such person does not hold any beneficial interest in such shares.\u00a0<\/span><\/p>\n

2. Identification of \u201cBeneficial Owner\u201d.<\/i><\/span>\u2014Beneficial owner of the shares means a person who holds \u201cbeneficial interest\u201d in the company. \u201cBeneficial interest\u201d refers to the rights or entitlements of a person in the shares. Section 89(10) of the Act defines \u201cbeneficial interest\u201d in a share as it includes, directly or indirectly, through any contract, arrangement or otherwise, the right or entitlement of a person alone or together with any other person to:\u00a0<\/span><\/p>\n

(i<\/i>) exercise or cause to be exercised any or all of the rights attached to such share; or<\/p>\n

(ii<\/i>) receive or participate in any dividend or other distribution in respect of such share.<\/p>\n

3. Reporting Obligation of \u201cRegistered Owner\u201d.<\/i><\/span>\u2014The person who is a registered owner of shares shall make a declaration (Form No. MGT-4) within 30 days from the date on which his name is entered in the register of members of the company. In the declaration, the registered owner shall specify the name and other particulars of the person who holds the beneficial interest in such shares. Where any change occurs in the beneficial interest in such shares, the registered owner shall, within 30 days from the date of such change, make a declaration (Form No. MGT-4) of such change to the company.<\/p>\n

4. Reporting Obligation of <\/i>\u201cBeneficial Owner<\/i>\u201d.<\/i><\/span>\u2014The person who holds or acquires a beneficial interest in share of a company shall make a declaration (Form No. MGT-5) within 30 days after acquiring such beneficial interest in the shares of the company. In the declaration, the beneficial owner shall specify 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. Where any change occurs in the beneficial interest in such shares, the beneficial owner shall, within 30 days from the date of such change, make a declaration (Form No. MGT-5) of such change to the company.<\/p>\n

5. Duty of the Company.<\/i><\/span>\u2014Where any declaration under Section 89 of the Act is made to a company, the company shall make a note of such declaration in the register of members. The company shall file, within 30 days from the date of receipt of declaration by it, a return (e-Form MGT-6) with the Registrar of Companies in respect of such declaration with such fees or additional fees as may be prescribed. However, private company or unlisted public company which is licensed to operate by Reserve Bank of India (RBI) or Securities and Exchange Board of India (SEBI) or Intercultural Development Research Association (IDRA) from International Financial Services Centre (IFSC) located in an approved multi-services Special Economic Zones (SEZs) set up under Special Economic Zones Act, 2005 (i.e. specified IFSC private company), shall file e-Form MGT-6 within 60 days from the date of receipt of declaration with the Registrar of Companies.<\/p>\n

6. Non-Applicability of Provisions of Section 89 of the Act<\/span>.<\/i>\u2014The provisions of Section 89 of the Act and Rule 9 of the Companies (Management and Administration) Rules, 2014 are not applicable to a trust which is created, to set up a mutual fund or venture capital fund or such other fund as may be approved by SEBI. Also, the provisions of Sections 89 and 90 of the Act are not applicable to government companies.<\/p>\n

7. Consequences of Failure to Declare Beneficial Interest.<\/i><\/span>\u2014Failure to declare beneficial interest results into loss of right in relation to any share in respect of which a declaration is required to be made under Section 89 of the Act but not made by the beneficial owner, and such right cannot be enforced by him or by any person claiming through him.<\/p>\n

8. Payment of Dividend.<\/i><\/span>\u2014Section 89 of the Act does not prejudice the obligation of a company to pay a dividend to its members under the Act and the said obligation, on such payment, stands discharged.<\/p>\n

\n\n\n\n
Gaurav N Pingle, Practising Company Secretary<\/span><\/strong>, Pune. He can be reached at gp@csgauravpingle.com.<\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Gaurav N Pingle, Practising Company Secretary, Pune
\nCite as: (2020) PL (CSP) February 70<\/p>\n","protected":false},"author":8808,"featured_media":219276,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1191,45506],"tags":[39055,39533,35835,39539,39532],"class_list":["post-225305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-op-ed","category-practical-lawyer-archives","tag-beneficial-interest","tag-beneficial-owner","tag-compliance-checklist","tag-section-89-of-companies-act","tag-shares-of-a-company"],"yoast_head":"\nCompliance Checklist for declaration of beneficial interest in shares of company | 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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