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of <h1>Section 90 Companies Act: Declare Significant Beneficial Interest or Face Penalties; Companies to Maintain Registers and Ensure Compliance.</h1> Under Section 90 of the Companies Act, 2013, individuals holding a significant beneficial interest in a company, defined as 25% or more of shares or significant control, must declare their interest to the company. Companies must maintain a register of these declarations, open for inspection by members, and file returns with the Registrar. Companies are required to identify significant beneficial owners and ensure compliance. Non-compliance by individuals or companies results in penalties. Companies can seek Tribunal intervention for non-disclosure, potentially leading to restrictions on share rights. False declarations are subject to further legal action.
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