Brief about BEN requirement <\/strong><\/p>\n\n\n\n It is requirement of disclosure of beneficial ownership in share by shareholder\/member to company and company to ROC<\/p>\n\n\n\n Governing laws<\/strong><\/p>\n\n\n\n Section 90 (4) of the companies Act 2013<\/p>\n\n\n\n Every company shall file a return of significant beneficial owners of the company and changes therein with the Registrar containing names, addresses and other details in BEN-1 within 30 Days from the date of receipt of declaration by company<\/p><\/blockquote>\n\n\n\n Rule 3 and 4 of the Companies (Significant Beneficial Owners) Rules, 2018<\/p>\n\n\n\n 1.Every SBO (significant beneficial owner) shall file a declaration in Form No. BEN-1 to the company in which he holds the significant beneficial ownership on the date of commencement of these rules within ninety days from such commencement and within thirty days in case of any change in his significant beneficial ownership.<\/p><\/blockquote>\n\n\n\n \u201cAnalysis:- SBO holding beneficial share as on date of commencement of Rule and there after any sale or purchase of share\u201d<\/strong><\/p>\n\n\n\n 2. Every individual, who, after the commencement of these rules, acquires significant beneficial ownership in a company, shall file a declaration in Form No. BEN-1 to the company, within thirty days of acquiring such significant beneficial ownership or in case of any change in such ownership.<\/p><\/blockquote>\n\n\n\n \u201cAnalysis:- Shareholder acquired share after commencement of the Rule and there after any sale purchase of share\u201d<\/strong><\/p>\n\n\n\n Applicability of Provision <\/strong><\/p>\n\n\n\n This apply to every company except Government company<\/p>\n\n\n\n Non Applicability<\/strong><\/p>\n\n\n\n These rules\nare not made applicable to the holding of shares of companies\/body corporates, <\/p>\n\n\n\n Which are regulated under SEBI Act <\/p>\n\n\n\n Requirement <\/strong><\/p>\n\n\n\n Time Limit of filing<\/strong><\/p>\n\n\n\n Within 30\ndays from the date of receipt of Declaration <\/p>\n\n\n\n Fee <\/strong><\/p>\n\n\n\n As per fees\nas prescribed in companies (Registration offices and fees) Rules, 2014.<\/p>\n\n\n\n Certification<\/strong><\/p>\n\n\n\n By CA or CS or CWA<\/p>\n\n\n\n Auto approval <\/strong><\/p>\n\n\n\n The eForm will be auto approved (STP).<\/p>\n\n\n\n What if person holding beneficial\ninterest does not disclosed to fails to disclose Section\n90 (10) <\/strong><\/p>\n\n\n\n then he\nshall be liable for <\/p>\n\n\n\n Further in\ncase of continuous default fine may be extended to Rs. 1000 per day<\/p>\n\n\n\n If person\nfurnishing will full false, incorrect information or suppress any information\nwhich is liable for disclosure pursuant to section 90 of the companies Act\nshall be liable for action u\/s 447 of the companies Act<\/p>\n\n\n\n If Company fails to file information\nto MCA Section 90(11) <\/strong><\/p>\n\n\n\n Then the\ncompany along with all officer of the company who is in such default shall be\nliable for <\/p>\n\n\n\n further in case of continuous default fine may be extended to Rs. 1000 per day<\/p>\n\n\n\n BEN-1 Click here to download<\/a><\/p>\n\n\n\n