X Pvt. Ltd. is reporting Company in which Y Pvt.Ltd. holds 50% of share. A holds 40% direct share in Y pvt. Ltd. , do A needs to give SBO declaration to X Pvt. Ltd. Kindly guide.
1 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5128 Points)
Replied 24 January 2024
- In following the SBO declaration is required.
- holds indirectly, or together with any direct holdings, not less than ten per cent of the shares;
- holds indirectly, or together with any direct holdings, not less than ten per cent of the voting rights in the shares;
- has the right to receive or participate in not less than ten per cent of the total distributable dividend, or any other distribution, in a financial year through indirect holdings alone, or together with any direct holdings;
- has the right to exercise, or actually exercises, significant influence or control, in any manner other than through direct holdings alone.
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