The Indian Institute of Company Secretaries of India (“ICSI”) has on 8th May, 2019 made a representation to the Ministry of Corporate Affairs (“MCA”) to extend the last date for filing of Form BEN-1 [under Rule 3 the Companies (Significant Beneficial Owners) Rules 2018], due to the unavailability of the said e-form on the MCA website.
Background:
The Companies (Significant Beneficial Owners) Rules 2018 came in June 2018 with an objective to bring in transparency among individuals who are exercising significant influence or control over the company. Further, the Companies (Significant Beneficial Owners) Amendment Rules, 2019 was brought about in February,2019 post which Form BEN-1 which deals with the Declaration(s) to be submitted by the beneficial owner who holds or acquires Significant Beneficial Ownership in shares to the reporting company was revised. Significant Beneficial Owners (“SBO”) in reporting companies are required to file a Declaration in Form BEN-1 to the reporting company within ninety days from the commencement of the amendments. Individuals who have newly acquired significant beneficial ownerships or SBOs who have undergone any change, will also need to file a declaration in Form BEN-1 to the reporting company, within thirty days of acquiring such ownership or change.
Reason for ICSI’s representation:
- The due date for filing Form BEN-1 is 9th May, 2019 and that of Form BEN-2 is within 30 days of receipt of declaration in Form BEN-1, but the e-forms have still not made available on the MCA website (as on 8th May, 2019).
- This situation is leading to practical difficulties for companies who need to comply to this requirement.
ICSI’s request:
- Extension of the last date of filing of BEN-1 from 9th May, 2018 to 30 days from the date of availability of the form on MCA website.
Therefore, in the light of the current situation, it is expected that MCA might extend the timeline for filing BEN-1 due to the unavailability of the e-forms. We will update you further as soon as we get information on this.
Source: Indian Institute of Company Secretaries of India
IS THERE ANY UPDATE ON THE SAME. WHAT IS LAST DATE OF FORM BEN-1, BEN-2 FOR FILING.
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