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of <h1>Clause 89: Shareholders must declare true beneficial owners; strict fines for non-compliance. Companies must report to Registrar.</h1> Clause 89 of the Companies Bill, 2011 mandates that individuals listed as shareholders but not holding beneficial interest in shares must declare the true beneficial owner to the company. Beneficial owners must also declare their interest and any changes within 30 days. The Central Government can establish rules for disclosure. Failure to declare incurs fines, with additional penalties for ongoing non-compliance. Companies must record these declarations and file returns with the Registrar within specified timeframes, facing fines for non-compliance. Unreported beneficial interests cannot enforce rights, but dividend obligations remain unaffected.
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