Beneficial Interest
This query is : Resolved
20 August 2010
Sir, What is beneficial interest in company
20 August 2010
"Substantial interest",-
(i) in relation to an individual, means the beneficial interest held by such individual or any of his relatives, whether singly or taken together, in the shares of the company, the aggregate amount paid-up on which exceeds five lakhs of rupees or five per cent of the paid-up share capital of the company, whichever is the lesser;
(ii) in relation to a firm, means the beneficial interest held by one or more partners of the firm or any relative of such partner, whether singly or taken together, in the shares of the company, the aggregate amount paid-up on which exceeds five lakhs of rupees or five per cent of the paid-up share capital of the company whichever is the lesser;
(iii) in relation to a body corporate, means the beneficial interest held by such body corporate or one or more of its directors or any relative of such director, whether singly or taken together, in the shares of the company, the aggregate amount paid-up on which exceeds five lakhs of rupees or five per cent of the paid-up share capital of the company, whichever is the lesser.
Source:
http://www.vakilno1.com/bareacts/companiesact/s294aa.htm
(i) in relation to an individual, means the beneficial interest held by such individual or any of his relatives, whether singly or taken together, in the shares of the company, the aggregate amount paid-up on which exceeds five lakhs of rupees or five per cent of the paid-up share capital of the company, whichever is the lesser;
(ii) in relation to a firm, means the beneficial interest held by one or more partners of the firm or any relative of such partner, whether singly or taken together, in the shares of the company, the aggregate amount paid-up on which exceeds five lakhs of rupees or five per cent of the paid-up share capital of the company whichever is the lesser;
(iii) in relation to a body corporate, means the beneficial interest held by such body corporate or one or more of its directors or any relative of such director, whether singly or taken together, in the shares of the company, the aggregate amount paid-up on which exceeds five lakhs of rupees or five per cent of the paid-up share capital of the company, whichever is the lesser.
Source:
http://www.vakilno1.com/bareacts/companiesact/s294aa.htm
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20 August 2010
Sir, i was reading in company Law about debenture trustee in which i read that a shareholer may be a trustee but he should not have any beneficial interest so i am confuse to take this concept please clear me this.
thanks
thanks
20 August 2010
http://www.evakil.com/book/187c-declaration-persons-not-holding-beneficial-interest-any-share
Check above link.
Check above link.
21 August 2010
thanks sir
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