1. Introduction of E-Form Ben-2 and extention of last date for submission

MCA has Introduced E Form BEN-2 (Return of Significant beneficial owner (SBO)) notified vide "The Companies (Significant Beneficial Owners) second Amendment Rules, 2019" dated 1st July 2019. In a circular dated 29th July, MCA has further extended the last date of filling of Form Ben -2 to 30th September 2019.

As a precursor, every individual who is a SBO in a reporting company had to submit declaration in Form No. BEN-1 to the reporting company, by 8th May 2019. Now Companies which have received the reporting in Form No. BEN-1 are under obligation to file the return of SBO in Form No. BEN-2 to the Registrar of Companies by September 30th 2019

2. Directors KYC Compliance - Clarification

MCA has notified "The Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019" dated 25 July 2019 by way of which it has clarified the category of Directors on which the mandatory requirement of KYC compliance needs to be undertaken.

As per the said notification:

i. E-Form DIR-3 KYC has to be filed by every individual who holds a Director Identification Number ('DIN') and is submitting KYC details for the first time or in case such individual wishes to update his details

ii. Web service DIR-3-KYC-WEB is to be used by DIN holder who has submitted DIR-3 KYC eform in the previous financial year and no update is required in his details

Download >> Changes In Company Law

August 2019

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