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DECLARATIONS TO BE MADE BY FIRMS, PRIVATE COMPANIES AND OTHER BODIES CORPORATE ACTING AS MANAGING AGENTS/SECRETARIES AND TREASURERS

DECLARATIONS TO BE MADE BY FIRMS, PRIVATE COMPANIES AND OTHER BODIES CORPORATE ACTING AS MANAGING AGENTS/SECRETARIES AND TREASURERS :

Definition

  1. (1) In this Schedule, “relevant date” means—

(a )  in the case of a firm or body corporate holding office at the

  commencement of this Act as the managing agent of a
  secretaries and treasurers

company, the date of such commencement; and

(b )  in the case of a firm or body corporate appointed or re-appointed

  after the commencement of this Act as the managing agent of
  secretaries and treasurers

a company, the date of such appointment, or re-appointment.

(2) For the purposes of sub-clause (1), the expressions “re-appointment” and “re-appointed” shall have the same meaning as they have for the purposes of sub-section (1) of .

Firms

2. Every firm acting as the managing agent of any company or
secretaries and treasurers

companies shall file with each company, whether public or private, of which it acts as such, a declaration specifying—

(a )  the names of the partners constituting the firm on the relevant date;

(b )  the share, or the extent of the interest, of each partner in the firm, on the relevant date;

(c )  the names of persons, if any, other than partners who are interested, on the relevant date, in any share of, or amount forming part of, the

  remuneration payable to the managing agent by the company;
  secretaries and treasurers

and the extent of the interest of each such person in such remuneration.

  1. The declaration shall be signed by a partner of the firm and shall be filed within one month of the relevant date.
  2. If any change occurs in regard to any of the matters specified in clause 2 after the relevant date, a declaration specifying the change and signed by a partner of the firm shall be filed, within three weeks of the occurrence of the change, with each of the companies referred to in that clause.

Private companies

5. Every private company which acts as managing agent of any other
secretaries and treasurers

company or companies, whether public or private, shall file with each of those companies, a declaration specifying—

(a )  the names of the members of the private company on the relevant date;

(b )  where the private company has a share capital, the shares held by each member of the company, on that date;

(c )  where the private company has no share capital, the extent of the interest of each member of the company in it on that date;

(d )  the manner in which each such member holds his shares or interest, that is to say, whether he holds the same beneficially, or on behalf of or in trust for any other person; and in the latter case, the name or names of the person or persons on whose behalf or in trust for whom the shares or interest is held and the extent of the interest of each such person;

(e )  the names of the directors of the private company, and the name of its managing director, if any;

(f )  the names of persons, if any, who are interested in any share of, or amount forming part of, the remuneration payable to the private company by the company under its management, otherwise than as members of the private company; and the extent of the interest of each such person in such remuneration;

(g )  that no arrangement has been entered into the knowledge of the private company, under which the control of the private company is vested in any person other than the members of the company and the persons referred to in sub-clause (d):

Provided that the obligation to furnish information on the matters specified in sub-clauses (d) and (f) shall extend only to such particulars relating to those matters as are within the knowledge of the private company.

  1. The declaration shall be signed by a director of the private company and shall be filed within two months of the relevant date.
  2. If, to the knowledge of the private company, there is a sale or transfer of any shares in the company or an agreement has been entered into, for the sale or transfer of any such shares, or any other change occurs in regard to any of the matters specified in clause 5, a declaration specifying the sale, transfer, agreement or change and signed by a director of the company shall be filed, within six weeks thereof, with each of the companies referred to in that clause.
  3. Where any shares are sold or transferred or agreed to be sold or transferred, the declaration referred to in clause 7 shall specify the name of the person or persons who part with or have agreed to part with the shares and also the name or names of the person or persons who acquire or have agreed to acquire them, with full details of the sale, transfer or agreement.

Other bodies corporate

  1. The provisions of clauses 5 to 8 shall apply to every body corporate (other
than a private company) acting as the managing agent of any
secretaries and treasurers

company, unless it is exempt from the operation of the provisions of this

Schedule by virtue of  
read with

General

  1. (1) All declarations filed with any company in pursuance of this Schedule shall be open to inspection, and extracts may be taken therefrom and copies thereof may be required, by any member of the company to the same extent, in the same manner and on payment of the same fee as in the case of the register of members of the company.

(2) All such declarations shall also be open to inspection by any director of the company, free of charge.

Income Tax 2019 | Tina Saha |