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of <h1>Section 187C of Companies Act: Trustees Must Declare Beneficial Interests in Shares for Private Trusts to Avoid Legal Issues.</h1> The circular addresses the applicability of section 187C of the Companies Act concerning declarations by persons not holding beneficial interest in shares, specifically in the context of private trusts governed by the Indian Trusts Act, 1882. It clarifies that the section requires trustees, who hold legal interest in shares, to declare the beneficial interest held by others. This requirement applies to private trusts, and non-compliance constitutes a legal infringement. The section's provisions extend beyond constructive trusts under section 82 of the Indian Trusts Act, emphasizing the need for clear declarations by trustees to align with statutory requirements.
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