Purpose:

Section 90(4) of the Companies Act, 2013 mandates that a company receiving a declaration under Section 90 (declaration of significant beneficial ownership) must file a return with the Registrar of Companies (RoC) within 30 days of receipt of the declaration.

The purpose of this section is to ensure transparency in the ownership of a company and to prevent beneficial owners from hiding behind complex ownership structures.

Timeline:

The return must be filed within 30 days of receipt of the declaration under Section 90.

Form:

The return must be filed in Form No. BEN-2.

Penalty:

Failure to comply with this section can result in penalties ranging from INR 1 lakh to INR 10 lakh for the company and INR 1 lakh to INR 5 lakh for the concerned officer in default.

The company may also be barred from making certain filings and the directors may face disqualification.

Reporting Authority:

The return must be filed with the Registrar of Companies (RoC).

Other:

The return filed under Section 90(4) must contain details of the declaration received, the particulars of the significant beneficial owner, and any other relevant details as may be prescribed.