Reload document 
Open in new tab MCA revisits SBO Rules
-Notifies amendments to facilitate implementation of the SBO Rules
CS Nikita Snehil (nikita@vinodkothari.com)
Amendment to Section 89 and 90 is one of the key amendments brought in by the Companies (Amendment) Act, 2017 (‘Amendment Act’). While, the Amendment Act has been enforced in phases, stakeholders were given the option to provide the public comments on the draft rules[1] in relation to Significant Beneficial Ownership (SBO), which was issued by MCA on Feb 2, 2018. Thereafter, on June 14, 2018, MCA vide its Notification, has enforced the provisions of amended Section 90 of the Companies Act, 2013 and also issued the Companies (Beneficial Interest and Significant Beneficial Interest) Rules, 2018[2] (‘SBO Rules’) in relation to the determination of SBO.
Thereafter, considering various practical difficulties in implementing the provisions of the SBO Rules, MCA on February 8, 2018[3] has notified the revised rules in order to facilitate better implementation of the provisions.
The following article explains the revised requirement of the Rules, responsibilities of the companies and the immediate actionables to be taken in order to comply with the revised requirements.
Overlap in reporting of secretarial compliance
-Format under Regulation 24A
By Pammy Jaiswal (corplaw@vinodkothari.com)
Background
The LODR (Amendment) Regulations, 2018 based on the recommendation of the Kotak Committee brought many changes on corporate governance. These changes included the requirement of annexing a secretarial audit report for both the listed entity and its material subsidiary in a specified format. Regulation 24A was inserted to be effective for the year ended on March 31, 2019. Read more →
