Clause 21 - Amendment of section 89. - Companies (Amendment) Bill, 2017

Amendment of section 89. 21. In section 89 of the principal Act,- ( i ) in sub-section ( 6 ), the words and figures, within the time specified under section 403 shall be omitted; ( ii ) in sub-section ( 7 ), for the words and figures, under the first proviso to sub-section ( 1 ) of section 403 , the word therein , shall be substituted; ( iii ) after sub-section ( 9 ), the following sub-section shall be inserted, namely:- ( 10 ) For the purposes of this section and section 90, beneficial interest in a share includes, directly or indirectly, through any contract, arrangement or otherwise, the right or entitlement of a person alone or together with any other person to- ( i ) exercise or cause to be exercised any or all of the rights attached to such share; or ( ii ) receive or participate in any dividend or other distribution in respect of such share. .