9911796707
TMI BlogDefinitionsX X X X Extracts X X X X X X X X Extracts X X X X ..... alf of the distributable dividend or any other distribution by the body corporate; (e) partnership entity means a partnership firm registered under the Indian Partnership Act, 1932 (9 of 1932) or a limited liability partnership registered under the Limited Liability Partnership Act, 2008 (6 of 2009 ); (f) reporting company means a company as defined in clause (20) of section 2 of the Act , required to comply with the requirements of section 90 of the Act ; (g) section means a section of the Act; (h) significant beneficial owner in relation to a reporting company means an individual referred to in sub-section (1) of section 90 , who acting alone or together, or through one or more persons or trust, posse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purpose of this clause, an individual shall be considered to hold a right or entitlement indirectly in the reporting company, if he satisfies any of the following criteria, in respect of a member of the reporting company, namely:- (i) where the member of the reporting company is a body corporate (whether incorporated or registered in India or abroad), other than a limited liability partnership, and the individual,- (a) holds majority stake in that member; or (b) holds majority stake in the ultimate holding company (whether incorporated or registered in India or abroad) of that member; (ii) where the member of the reporting company is a Hindu Undivided Family (HUF) (through karta), and the individual is the karta of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... based in a jurisdiction which does not fulfil the requirements referred to in clause (v) of Explanation III, the provisions of clause (i) or clause (ii) or clause (iii) or clause (iv) of Explanation Ill, as the case may be, shall apply. Explanation V. - For the purpose of this clause, if any individual, or individuals acting through any person or trust, act with a common intent or purpose of exercising any rights or entitlements, or exercising control or significant influence, over a reporting company, pursuant to an agreement or understanding, formal or informal, such individual, or individuals, acting through any person or trust, as the case may be, shall be deemed to be 'acting together'. Explanation VI. - For the purpos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be construed accordingly; Explanation I. - For the purpose of this clause, the significant beneficial ownership, in case of persons other than individuals or natural persons, shall be determined as under- (i) where the member is a company, the significant beneficial owner is the natural person, who, whether acting alone or together with other natural persons, or through one or more other persons or trusts, holds not less than ten per cent. share capital of the company or who exercises significant influence or control in the company through other means; (ii) where the member is a partnership firm, the significant beneficial owner is the natural person, who, whether acting alone or together with other natural persons, or through on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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