Significant beneficial owner identification required: companies must identify SBOs and restrictions may be lifted by Tribunal, with transfer if unrelaxed. Companies must take necessary steps to identify any significant beneficial owner and require that person's compliance. The company or an aggrieved person may apply to the Tribunal for relaxation or lifting of restrictions within the prescribed period; failing such application, the shares are to be transferred without restrictions to the authority constituted under the relevant Act provision. The Central Government may make rules for the section, and a cross reference in sub-section (11) is amended to include the new identification duty.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Significant beneficial owner identification required: companies must identify SBOs and restrictions may be lifted by Tribunal, with transfer if unrelaxed.
Companies must take necessary steps to identify any significant beneficial owner and require that person's compliance. The company or an aggrieved person may apply to the Tribunal for relaxation or lifting of restrictions within the prescribed period; failing such application, the shares are to be transferred without restrictions to the authority constituted under the relevant Act provision. The Central Government may make rules for the section, and a cross reference in sub-section (11) is amended to include the new identification duty.
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