For instance, A Ltd is a target company, whose SBO is to be identified. Y, a partnership firm is a registered member of A Ltd holding 25% of its share capital. And Z Pvt Ltd is holding 25% share capital in A Ltd. so, both Y and Z Pvt Ltd is shareholders along with other individuals ( natural person) shareholders Further, D and E (both individual) is a partner at Y, partnership firm. And F and G is a Shareholder of Z Pvt Ltd. So, For A Ltd... D, E, F, G is "natural person who were ultmate beneficial owner"
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