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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