Thursday, 6 October 2022
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Budget Proposals 2022-2023

Definition of Beneficial Owners | Budget Proposals 2022-2023

The bill has proposed to introduce the definition of beneficial owner in budget for the financial year 2022-2023.

Every company and Association of Persons (AOP) is proposed to electronically submit details of beneficial owners and any change in their particulars. Specific rules are expected to be promulgated in this regard. A penalty of Rs 1 million is proposed for each default.

The expression ‘beneficial owner’ is defined to mean a natural person who-

(a) ultimately owns or controls a company or AOP, whether directly or indirectly, through at least 10% shares or voting rights; or

(b) exercise ultimate effective control, through direct or indirect means, over the company or AOP including control over the finances or decisions or other affairs of the company or AOP. The Companies Act, 2017 also requires maintaining information in respect of ultimate beneficial owners of a company. However, such provisions require information in respect of natural persons who ultimately own or control a company through at least 25% shares or voting rights.

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