Hi,
I would like some clarification regarding Form BEN-2 specifically with regards to its applicability of this Form on Individual Shareholders.
For Example
Mr. A has 20% Shares of XYZ Pvt Ltd under his own name in his capacity as an Individual, by definition he is beneficial owner, but does he also qualifies as Significant Beneficial Owner (SBO) required to give declaration under Section 90 in Form BEN-1 to Reporting Company (XYZ Pvt Ltd) who will then file Form Ben-2
or
is it only applicable in cases where Shares are under the name of One Person/ Entity/ Corporate Body whose vested interests are controlled by some other Individual for examples:
- M/s AB & Sons HUF holds 20 % shares in XYZ Pvt. Ltd and Mr. B happens to be Karta of the said HUF, so Mr. B needs to provide declaration under Section 90 in Form BEN-1 for which the Reporting Company will then file BEN-2.
- M/s ABC & Co. a Partnership Firm holds 20% shares in XYZ Pvt Ltd, and Mr. C a Partner in the firm has the controlling interest in the firm shall provide declaration under Section 90 in Form BEN-1 for which the Reporting Company will then file BEN-2.
- M/s ABCD Pvt Ltd holds 20% shares in XYZ Pvt Ltd and Mr. D holds the controlling interest in ABCD Pvt. Ltd. then Mr.D shall provide declaration under Section 90 in Form BEN-1 for which the Reporting Company will then file BEN-2.
Please clarify.
CAclubindia
