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of <h1>Individuals Must Declare Beneficial Ownership Under Section 89 of Companies Act 2013; Non-Compliance Leads to Penalties.</h1> Section 89 of the Companies Act, 2013 mandates that individuals whose names appear in a company's register as shareholders but who do not hold the beneficial interest must declare the actual beneficial owner to the company. Similarly, beneficial owners must declare their interest and any changes to it within 30 days. Failure to declare attracts penalties, and companies must record and report such declarations to the Registrar. Non-compliance by companies or their officers also incurs penalties. The section clarifies beneficial interest and allows for government exemptions in public interest, excluding the definition of beneficial interest.
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