https://vinodkothari.com/wp-content/uploads/2023/06/vinod-kothari-logo.png00Vinod Kothari Consultantshttps://vinodkothari.com/wp-content/uploads/2023/06/vinod-kothari-logo.pngVinod Kothari Consultants2018-07-11 13:49:532023-08-23 14:06:52FAQs on SBO Rules - Version 3
2replies
MOHITH KM says:
I am reaching out to seek clarification on a practical issue I have encountered while attempting to file Form BEN-2 for our wholly-owned subsidiary company.
The current situation is as follows:
The Holding Company has successfully submitted Form BEN-2.
The wholly-owned subsidiary (WOS) is now required to file the same form. We have selected the radio button “For reporting the Holding reporting Company” and entered the relevant details of the holding company.
In the attachment section, the form prompts us to attach the Declaration as mentioned under section 90, which is a mandatory attachment.
My query pertains to the documentation that needs to be attached to the Form BEN-2 filed by the WOS:
Can we attach the Form BEN-1 received from the Significant Beneficial Owners (SBOs) of the Holding Company?
Is it acceptable to attach both the Form BEN-1 received from SBOs of the Holding Company and the Form BEN-2 filed by the Holding Company?
Alternatively, should we obtain the declaration from Form BEN-1 directly from the Holding Company?
I am eager to receive positive feedback and appreciate your prompt attention to this matter.
Response to query 1- Pursuant to rule 4 of SBO rules, a declaration in FORM BEN 1 (received from holding company )needs to be attached while filing FORM BEN-2 by the subsidiary company. Accordingly, in the given case, WoS needs to attach FORM BEN-1 received from Holding Co.
Response to query 2- Yes, WoS can attach FORM BEN-2 along with BEN-1 while filing its FORM BEN-2 but the same(BEN-2) is not necessary.
Response to query 3- Yes, WoS can receive it directly from Holding Co.
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I am reaching out to seek clarification on a practical issue I have encountered while attempting to file Form BEN-2 for our wholly-owned subsidiary company.
The current situation is as follows:
The Holding Company has successfully submitted Form BEN-2.
The wholly-owned subsidiary (WOS) is now required to file the same form. We have selected the radio button “For reporting the Holding reporting Company” and entered the relevant details of the holding company.
In the attachment section, the form prompts us to attach the Declaration as mentioned under section 90, which is a mandatory attachment.
My query pertains to the documentation that needs to be attached to the Form BEN-2 filed by the WOS:
Can we attach the Form BEN-1 received from the Significant Beneficial Owners (SBOs) of the Holding Company?
Is it acceptable to attach both the Form BEN-1 received from SBOs of the Holding Company and the Form BEN-2 filed by the Holding Company?
Alternatively, should we obtain the declaration from Form BEN-1 directly from the Holding Company?
I am eager to receive positive feedback and appreciate your prompt attention to this matter.
Dear sir,
Please find below the response to your queries
Response to query 1- Pursuant to rule 4 of SBO rules, a declaration in FORM BEN 1 (received from holding company )needs to be attached while filing FORM BEN-2 by the subsidiary company. Accordingly, in the given case, WoS needs to attach FORM BEN-1 received from Holding Co.
Response to query 2- Yes, WoS can attach FORM BEN-2 along with BEN-1 while filing its FORM BEN-2 but the same(BEN-2) is not necessary.
Response to query 3- Yes, WoS can receive it directly from Holding Co.
You may also refer to
Instruction kit for BEN-2 available on MCA website
Our article https://vinodkothari.com/ben-2_goes-live/