The Ministry of Corporate Affairs (‘MCA’) has, by way of the Companies (Management and Administration) Amendment Rules, 2024, dated July 15, 2024, amended the Companies (Management and Administration) Rules, 2014. The amendments have come into effect from July 15, 2024, and have revised form MGT-6 for disclosure of beneficial interest in the shares of a company under Section 89 of the Companies Act, 2013 (‘Act’). The key change brought about by this amendment is that now the permanent account number, passport number or other registration number will need to be provided for the registered owner, whereas for the beneficial owner, the beneficial owner identification number (if available) and the permanent account number or passport number will have to be provided.

Further, the MCA, by way of the Companies (Significant Beneficial Owners) Amendment Rules, 2024, dated July 15, 2024, has amended the Companies (Significant Beneficial Owners) Rules, 2018. The amendments have come into effect from July 15, 2024, and have revised form BEN-2 for declaration of significant beneficial ownership (‘SBO’) in a company under Section 90 of the Act.

If an individual qualifies as an SBO, then the company is required to report the same by filing form BEN-2. The revised form BEN-2 makes provision for a company to be able to disclose details in relation to: (i) change in particulars of existing SBO under Section 90 of the Act; and (ii) change of the existing holding of the reporting company. Disclosures in respect of change in particulars of existing SBO has to be provided in a separate excel sheet, which has to be attached to form BEN-2 at the time of its filing.