Section 14 - Amendment of section 90. - Companies (Amendment) Act, 2019

Amendment of section 90. 14. In section 90 of the principal Act,- (i) after sub-section (4), the following sub-section shall be inserted, namely:- (4A) Every company shall take necessary steps to identify an individual who is a significant beneficial owner in relation to the company and require him to comply with the provisions of this section. ; (ii) for sub-section (9), the following sub-section shall be substituted, namely:- (9) The company or the person aggrieved by the order of the Tribunal may make an application to the Tribunal for relaxation or lifting of the restrictions placed under sub-section (8), within a period of one year from the date of such order: Provided that if no such application has been filed within a period of one year from the date of the order under sub-section (8), such shares shall be transferred, without any restrictions, to the authority constituted under sub-section (5) of section 125, in such manner as may be prescribed. ; (iii) after sub-section (9), as so substituted, the following sub-section shall be inserted, namely:- (9A) The Central Government may make rules for the purposes of this section. ; (iv) in sub-section (11), after the word, brackets and figure sub-section (4) , the words, brackets, figure and letter or required to take necessary steps under sub-section (4A) shall be inserted.