20-July-2019
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Commercial Laws
 
Significant beneficial owners to be penalised for wrong disclosures
11-Feb-2019

Significant beneficial owners in Indian corporates might face strict action for inadequate or wrong disclosures of their ownership, and companies too can seek action against entities in case they fail to provide satisfactory responses, according to rules. With the Corporate Affairs Ministry amending the rules for significant beneficial owners under the Companies Act 2013, corporates are required to take necessary steps to identify such owners and obtain a declaration from them.

News Source:- https://www.thehindubusinessline.com/economy/policy/significant-beneficial-owners-to-be-penalised-for-wrong-disclosures/article26230901.ece