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Beneficial interest under section 187c

Law Aspire (CS) (755 Points)

13 October 2012

If a Holding company Incorporate a wholly owned subsidiary company and authorize its directors or other persons to subscribe some shares as nominee of holding company to fulfill the requirement of minimum number of members,
Is Form 22B is required to be filed under section 187C of the Companies Act, 1956 when the director or such authorized person of holding company leaves the holding company?

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3 Replies

CS Rajveer Rai, Gurgaon (CS) (646 Points)
Replied 13 October 2012

i think no need untill shares are transferred to someone else..

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Vaibhav Shukla (Company Secretary) (142 Points)
Replied 13 October 2012

Section 187C (3) specifically lays down that " whenever there is a change in the beneficial interest the beneficial owner shall within 30 days of such change make a declaration to the company"

thus mere termination as directorship does not require the declaration to be made unless there is a change in the beneficial ownership as well.

saurabh jain (Audit Specialist) (271 Points)
Replied 28 November 2012

Yes,

If beneficial ownership is not getting changed than there is no need of filing declaration but if it is getting changed than you need to file declaration as per section 187.

Regards

Sourabh Jain