Companies (Significant Beneficial Ownership) Rules, 2018:

Every Individual holding 10% or more beneficial interest in the share capital of the company shall file a declaration in Form No. BEN-1 to the company within 90 days from commencement such rules and within 30 days in case of any change in his significant beneficial ownership. Therefore the due date of filing form BEN-1 is on or before 12th Sep 2018.

Thereafter, the company shall file a return in Form No. BEN-2 with the ROC, within 30 days from the date of receipt of BEN-1. Therefore the due date of filing form BEN-2 is on or before 11th Oct 2018.

Meaning of Significant Beneficial Owner

‘Significant Beneficial Ownership’ in case of member of the Company is not an individual or natural person:

(i) where the member is a company, the significant beneficial owner is the natural person, who holds not less than 10%. share capital of the company or who exercises significant influence or control in the company through other means;

(ii) where the member is a partnership firm, the significant beneficial owner is the natural person, who holds not less than 10% of capital or has entitlement of not less than ten per cent. of profits of the partnership;

(iii) where no natural person is identified under (i) or (ii), the significant beneficial owner is the relevant natural person who holds the position of senior managing official;

(iv) where the member is a trust (through trustee), the identification of beneficial owner(s) shall include identification of the author of the trust, the trustee, the beneficiaries with not less than 10% interest in the trust and any other natural person exercising ultimate effective control over the trust through a chain of control or ownership.