Scope of the section relating to declaration by persons not holding beneficial interest in share - Companies Law - No. 6/75

Letter : No. 6/75 [8/18/75 ‑ CL ‑ V], dated 21 ‑ 4 ‑ 1975. Subject:- Scope of the section relating to declaration by persons not holding beneficial interest in share Attention is invited to the provisions of section 187C(4) which, 4 inter alia, requires the filing of returns with the Registrar of Companies by the companies in the prescribed forms within 30 days of the declarations filed by concerned shareholders with them. This Department has received a number of representations from the companies, chambers, etc., pointing out various difficulties in complying with the provisions of section 187C and the filing of the returns in the forms prescribed thereunder in a short time of 30 days from the commencement of the rules. Although the Central Government has no power to extend the time limits fixed by the statute, it has been decided to ensure that no hardship is allowed to arise in the administration of the new law in bona fide cases of default. You are, therefore, requested to take a lenient view in cases of bona fide delay in the initial stages.