BENEFICIAL OWNERS
RoC slaps penalty on HeroX, 2 execs for lapses in beneficial owner rules
HeroX, a Delhi-based private company in which Suman Kant Munjal and Akshay hold 5,000 equity shares each, was served a notice in February 2024 to ascertain compliance of section 90 of the Act. It asked if the company had provided the details of the action it took to identify its SBOs in terms of section 90 (4A) of the Act.
Compliances cut, MCA gets tough on flouting companies law
Arms of the Ministry of Corporate Affairs (MCA) have intensified enforcement actions in recent quarters to ensure stricter adherence to rules, even as the government has lessened the compliance burden on India Inc. In the June quarter, various Registrars of Companies (RoCs) issued a total of 321 orders against firms for alleged lapses under the Companies Act. This figure represents about a fourth higher than the previous quarter, which also saw increased action, according to an analysis of public orders.
MCA penalises Samsung Display Noida for breach of Companies Act norms
As per Samsung Display Noida's February 2024 letter cited in the order, it's fully owned by Samsung Display Co (Korea), which, in turn, is 84.8% owned by Samsung Electronics Co (Korea). Section 90 of the Companies Act, 2013, typically requires companies to disclose their significant beneficial owner details to authorities.
Reviewing ministry of corporate affairs' penalty order on company, Satya Nadella, says LinkedIn
LinkedIn is reviewing penalties totalling ₹27.1 lakh imposed by the Ministry of Corporate Affairs (MCA) for alleged violation of significant beneficial owner (SBO) norms under the Companies Act, 2013. The penalties target LinkedIn India, Microsoft CEO Satya Nadella, LinkedIn CEO Ryan Roslansky, and seven others. The Registrar of Companies (RoC) for Delhi and Haryana found the company and officials liable for penal action due to their failure to identify SBOs. Nadella and Roslansky are identified as SBOs, facing penalties for non-reporting. Section 90 of the Companies Act mandates SBO disclosure.
LinkedIn India, Satya Nadella face MCA penalty: LinkedIn says reviewing fine for next step
LinkedIn is reviewing penalties imposed by the Ministry of Corporate Affairs for violating SBO norms. The Rs 27.1 lakh fines target LinkedIn India, Microsoft's CEO Satya Nadella, CEO Ryan Roslansky, and others. The order requires disclosure of significant beneficial owners, penalizing non-compliance. Appeal options are available within 60 days.
MCA fines LinkedIn India, Satya Nadella and 8 others for violation of Companies Act, 2013
In its order, reviewed by ET, the Registrar of Companies for the national capital region of Delhi and Haryana under the MCA said the company and the officials are liable for penal action for "failure to take necessary steps as per section 90-4A (of the Companies Act) to identify the SBO in relation to the company".
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MCA slaps fines on LinkedIn India, Satya Nadella, 8 others for companies law violations
According to the order, the company and its officers are liable for action for the failure to take necessary steps to identify the SBO in relation to the company.
Royalty rate under Spain DTAA notified
The notification holds importance especially in view of the recent Supreme Court judgement in the case of Nestle wherein it was held that the Most favoured Nation clause is not auto-executory. "The notification ensures availability of the benefit of lower Tax Rate with respect to Royalty income & FTS under the India Spain Tax Treaty," Pranav Sayta, Partner & Leader International Tax and Transaction Services, EY India said.
Ahead of US hearing, Byju's says it is beneficial owner of $533 million fund parked in US
On Saturday, Byju's stated that it had no money to pay salaries to employees after just-raised funds through the rights issue were locked (in a separate account) after a dispute with investors. It is not clear if Byjus is the beneficial owner of $533 million, then why it could not use them for paying salaries.
Government acts against Indian company, individuals for undisclosed links with Chinese group
An official in the know on Friday said Metec Electronics Pvt Ltd had portrayed itself as a standalone entity, with shareholdings held by two foreign nationals -- Chen Feiyan and Yang Wen -- and an Indian national.
Balrampur Chini Mills: Strong performance in Q2, long-term growth prospects; should you buy?
Balrampur Chini Mills operates 10 sugar and five distillery units, with an aggregate sugarcane capacity of 80,000 tonne of cane per day (TCD) and a distillery capacity of 1,050 KPLD (kilolitres per day). It reported a strong performance in the September 2023 quarter, with revenue growth of 38% y-o-y, led by improved volumes and realisations across its sugar and distillery divisions. Should you invest?
Yemen's Houthis hijack cargo ship in the Red Sea; watch Hollywood movie-style video that has gone viral on social media
High-seas drama unfolds as military personnel board and seize a commercial ship in Yemen.
Govt can ask land owner to handover some portion free of cost for public utility: SC
The Supreme Court has ruled that a government-imposed condition requiring landowners to hand over a portion of their land for public use in exchange for permission to change the land's use is not illegal. The court's decision came while overturning a Bombay High Court judgment.
Money laundering rules: Definition of beneficial owners tightened
Even partners who have ownership of less than 10% of the capital or profits of the partnership but exercise control through other means like right to control the management or policy decisions of the partnership firm, will now be considered beneficial owners.
Paytm CEO Vijay Shekhar Sharma becomes sole beneficial owner in co as Antfin cuts stake
"We have been informed by AntFin, that their shareholding in the company has reduced from 23.79% to 9.90% of the total equity share capital. Accordingly, no person affiliated with AntFin will qualify as a Significant Beneficial Owner (SBO) of the company," Paytm informed exchanges.
What are the key reasons why long-term investing is beneficial? Gautam Kalia answers
The stock market for example is made up of investors and traders and the mistake that people make is when traders try to become investors and investors try to become traders.
Disclosure norms: FPIs may get 3 months to cut exposure
According to Sebi's new regulations, FPIs - other than sovereign funds, pension funds and public retail funds - having more than 50% of their equity assets under management in a single corporate group or with total equity exposure of ₹25,000 crore or more would have to share the identities of their ultimate beneficial owners (UBOs) who are the last natural persons behind the multiple vehicles in an FPI structure. The rules are expected to be notified soon.
Finance Ministry tightens definition of beneficial ownership under PMLA
As per the changes, "reporting entities" - such as banks, other financial institutions and companies engaged in real estate and jewellery sectors - must collect information about any individual or group that has a 10% ownership in their clients.
ED attaches over Rs 305 crore worth of assets of Joyalukkas jewellery group owner on hawala charges
"The attached assets include 33 immovable properties (valued at Rs 81.54 crore) consisting of land and residential building in Shobha City, Thrissur, three bank accounts (having deposits of Rs 91.22 lakh), three fixed deposits worth Rs 5.58 crore and shares of Joyalukkas India Pvt Ltd (valued at Rs 217.81 crore)," the ED said in a statement.
Sebi seeks beneficial ownership details of foreign investors post Adani saga
In cases where the custodial banks do not provide details of beneficial ownership, the regulator would deem those foreign funds ineligible and ask them to liquidate their holdings in the Indian market by March 2024, the source added.
PM Kisan, Kisan Credit Card, and 4 other beneficial govt schemes for farmers
Kisan Diwas or National Farmers' Day is observed across the country on December 23 to honour farmers, the backbone country. The central government offers various schemes for farmers and the agricultural sector. Know all about Kisan Credit Card, Pradhan Mantri Fasal Bima Yojana, Pradhan Mantri Kisan Samman Nidhi and 3 other beneficial govt schemes for farmers
Know why add-on covers are beneficial to car owners
Add-on covers are designed to enhance overall motor insurance and give comprehensive coverage for damage or loss of car keys, tyres and rim, repair or replacement of consumable items and so on.
For transparency on beneficial ownership
Many individuals (and companies) create and operate offshore entities for legitimate reasons, and any presumption that all foreign accounts and offshore registered trusts have illicit money would be unfair.
No tax on foreign account if Indian not beneficial owner: Income Tax Appellate Tribunal
It all began when a search was conducted in the case of Rakesh Agarwal Group, Baroda, and details of six trust companies came to light, one of which relates to this case heard by the ITAT.
CDSL Q4 results: Profit after tax jumps 84% to Rs 52 cr
Total income rose to Rs 110.25 in the quarter under review from Rs 72.98 crore in the January-March quarter of the 2019-20.
Govt notifies FDI policy in defence, says multilateral agencies not treated as beneficial owners of investments
As per the notification, FDI up to 74% under automatic route shall be permitted for companies seeking new industrial licenses and foreign investment in the sector will be subject to security clearance by the home affairs ministry.
Sebi seeks ‘beneficial owners’ info for FPIs from China, others
MNC banks and domestic custodians were told to share details of ‘beneficial owners’ — ultimate investors having sizeable stake or control — from China, Taiwan, Hong Kong, Pakistan, Bangladesh, Myanmar, Nepal, Afghanistan, and Bhutan.
India may allow low threshold for beneficial owner under the new FDI rule
On April 18, India tightened its FDI policy for countries with which it shares a land border, putting investments from them on the approval route.
Govt sends questions to 59 Chinese apps, seeks beneficial owner details
The apps include popular social media platforms such as TikTok, Helo and WeChat. The questions come a week after the government, in an interim order, banned the 59 Chinese apps in the country owing to their activities which are “prejudicial to sovereignty and integrity of India, defence of India, security of state and public order.”
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