The Ministry of Corporate Affairs (“Ministry”) has notified the Companies (Management and Administration) Second Amendment Rules, 2023 to further amend the Companies (Management and Administration) Rules, 2014. Companies are required to designate a person who shall be responsible for furnishing, and extending co-operation for providing, information to the Registrar or any other authorized officer with respect to beneficial interest in shares of the company.

Key Obligations:

• Designate a person who shall be responsible for furnishing, and extending co-operation for providing, information to the Registrar with respect to beneficial interest in shares of the company;

• Such designated person may be one of the following:

a. a company secretary, if there is a requirement of appointment of such company secretary under the Act and the rules made thereunder; or
b. key managerial personnel, other than the company secretary; or
c. every director, if there is no company secretary or key managerial personnel.

• Details of the designated person is required to be disclosed in the Annual Return;

• In the event there are changes to the designated person, the change is required to be intimated to the Registrar in e-Form GNL-2 (specified under the Companies (Registration Offices and Fees) Rules, 2014).

Source: Ministry Of Corporate Affairs

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