Designated Person to Provide Beneficial Interest Information to RoC

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Jan 23, 2024

Designated Person to Provide Beneficial Interest Information to RoC

The Ministry of Corporate Affairs (‘MCA’), by way of a Notification dated October 27, 2023, amended the Companies (Management and Administration) Rules, 2014, whereby every company is required to designate a person to be responsible for providing information to the Registrar of Companies (‘RoC’) in relation to beneficial interest of shares held in such company. Such designated individual may be the company secretary (if required to be appointed), or key managerial personnel (‘KMP’) such as chief executive officer (‘CEO’), chief financial officer (‘CFO’), or where the company does not have such officer(s), then every director of the company.

Until such individual is designated, the following individuals will be deemed as a designated individual:

i. company secretary (if required to be appointed);

ii. in case a company secretary has not been appointed, managing director or manager;

iii. if the foregoing have not been appointed, every director of the company.

Companies will also be required to disclose the details of the designated person in its annual return and make a filing with the RoC if it changes the designated person.

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