SIGNIFICANT BENEFICIAL OWNER NORMS
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".
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.
ET Explainer: Sebi’s stricter FPI disclosure norms and its likely impact
According to the new regulation, FPIs holding over 50% of their Indian equity AUM in a single Indian corporate group and those having more than Rs 25,000 crore of equity assets under management in Indian stocks are required to provide granular details of all entities with any ownership, economic interest, or control rights in the fund or the entity to Sebi.
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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?
28 virtual digital assets platforms register with FIU-India to comply with PMLA norms
As many as 28 Virtual Digital Assets (VDA) service providers, including WazirX, Coin DCX and Coinswitch, have registered themselves with the Financial Intelligence Unit-India (FIU-IND), Finance Ministry said on Monday.
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.
Sebi updates guidelines on anti-money laundering norms
The development comes after the government amended the Prevention of Money Laundering (Maintenance of Records) Rules or PMLA rules in September.
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.
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.
US, India decision to end trade disputes a big victory, mutually beneficial: Piyush Goyal
India and the US have resolved six trade disputes at the World Trade Organization (WTO) through mutually agreed solutions. India has removed retaliatory customs duties on certain American products, such as almonds, walnuts, and apples. Commerce and Industry Minister Piyush Goyal called the move a "big victory" for both nations and said it marked the end of pending India-US disputes at the WTO.
SEBI’s plan to lift the FPI veil may put off many
Sebi has to give a finality to the Adani probe, preserve its reputation, change the rules if needed, convince FATF as well as keep alive the interest of FPIs. It can only hope that the price would not be too high.
RBI tweaks norms related to share acquisition in banks
In the 'Master Direction - Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023' issued on January 16, the RBI said that it requires major acquisitions in banks to go through it first.
Britain working towards best FTA that is beneficial to both UK and 'economic superpower' India: Greg Hands
India and Britain launched negotiations for the FTA in January with an aim to conclude talks by Diwali but the deadline was missed due to a lack of consensus on issues.
Don't scare startups to splutter down
In 2019, GoI had eased the rules on angel tax, meant to curb money laundering, after many genuine startups received tax notices. Companies categorised as startups by the Department for Promotion of Industry and Internal Trade (DPIIT) were exempt from the tax - levied on the excess share capital raised by unlisted firms over and above the fair market value of its shares. GoI relied on e-verification to establish the identity of the investor and his source of funds.
Delhi to enforce stricter norms for pollution fitness certificates
“A randomised system audit has found instances of PUC certificates being issued without appropriate examination of the vehicles,” a senior government official said, adding that this was defeating the purpose of the government's push towards making vehicle owners get pollution fitness certificates from these PUC centres.
Indians believe Covid is 'gone' as festive season begins; most don't follow masking & social distancing norms
The mask compliance levels were higher only at the vaccination centres.
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.
PE funds perplexed by beneficial owner rules find some clues in finance ministry circular
In May, the government made pre-approval mandatory for any FDI coming into India if the beneficial owner of the fund or entity is from China. The notification did not elaborate on the definition of beneficial ownership, leading to confusion among investors.
Sebi seeks alerts on changes in ‘beneficial ownership’ of FPIs with China links
The instruction indicates that Sebi and New Delhi are keeping a close watch on any shift in control or ownership of ultimate investors in offshore funds.
Crucial to show beneficial owner-benamidar ties
The ruling comes at a time when the tax office is widely using the benami law to find out whether fronts have been used to mask the real ownership of assets.
Significant beneficial ownership rules to help identify entities controlled from overseas
Under the new norms, provisions are in place to identify significant beneficial owners.
Sebi revises disclosure requirements for significant beneficial ownership
The move comes weeks after the corporate affairs ministry amended the rules pertaining to significant beneficial ownership under the Companies Act, 2013.
Sebi plan to build KYC database of beneficial owners irks FPIs
Fund managers such as Templeton, Fidelity and BlackRock flag data privacy concerns
Significant beneficial owners in companies to face strict action for wrong disclosures
Corporates are required to take necessary steps to identify such owners and obtain a declaration from them.
Significant beneficial owner: Sebi comes out with disclosure format
This will come into effect from the quarter ended March 31, 2019, the Securities and Exchange Board of India (Sebi) said in a circular.
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