Recently, the Ministry of Corporate Affairs (MCA) advised companies regarding compliance with the provisions of Significant Beneficial Ownership (SBO). This advisory has caused anxiety among corporate entities and professionals.

Much before this, ROCs issued notices to numerous companies for the adjudication of penalties under Section 90 of the Companies Act, 2013, which were later withdrawn.

Section 90 of the Companies Act provides for a declaration to be given to the company by every individual acting alone or together or through one or more persons who hold the beneficial interest of not less than ten percent (10%) in shares of a company or the right to exercise or the actual exercising of significant influence or control over the company.

Although it has now been more than four years since the notification of the SBO regime, companies continue to face difficulties in identifying the ‘SBO’ in certain specific situations, and various interpretative challenges surrounding Section 90 and the SBO Rules.

This webinar is being organized to discuss the key issues related to SBO provisions and advisory issued by MCA.

Key Discussion Points:
• Origin, implications, and complexities of identifying SBO.
• How to determine SBO?
• Compliance requirements for disclosure of SBO.
• Implications of Non-Compliance.

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