BEN 1 ROC Form

Individuals who become significant beneficial owners or whose significant beneficial ownership changes must file a declaration in Form No. BEN-1 to the reporting company. This article sheds light on Ben1 ROC Form.

What Is Form BEN-2 For?

BEN-2 is referred to as a return to the Registrar filed by the company in respect of a declaration under section 90 of the Companies Act by a person who holds and acquires substantial beneficial ownership of shares in electronic format under section 90 of the Companies Act.

How Do I File a BEN Form?

• The rules apply to any individual who becomes a significant beneficial owner of a company following the commencement of these rules. Within thirty days after acquiring significant beneficial ownership or upon any change in ownership, the company shall receive a declaration in Form No. BEN-1 from the shareholder.
• Form BEN-2 is a declaration that must be filed by the company in respect of declaration received in Form BEN-1.

What Is the Time Period for Filing BEN-1?

Those who become significant beneficial owners or whose significant beneficial ownership changes should file a declaration in Form No. BEN-1 with the reporting company within 30 days of acquiring such significant beneficial ownership.

FAQ: BEN 1 Roc Form

What Is the Requirement of Filing BEN-1?

In the event of any change in ownership, a declaration must be filed by the significant beneficial owner within 30 days of acquiring such ownership or any change thereto.

Who Should File BEN-1?

Every individual can file BEN 1 for their significant beneficial owner of the company. Within 30 days of acquiring significant beneficial ownership or any change therein, the reporting company must file a declaration in Form No., BEN-1.

What Is the Ben-2 Form For?

Form BEN-2 is a return by the Company to report the declarations received by it in Form BEN-1.

What Is the Applicability of Ben Form?

This form is used to confirm that a company has complied with the requirements of the Companies Act. The compliance process involves holding a board meeting, passing resolutions, and filing necessary documents with the Registrar of Companies.

What Is the Penalty for Non-filing Ben 2?

1. Late Fee Structure for Filing BEN-2 is dependent on the period of delay. 
2. During the period of delays, all forms are more than 30 days and up to 60 days4 times the normal fee.
3. A period of more than 60 days and up to 90 days 6 times the normal fee
4. A period of more than 90 days and up to 180 days10 times the normal fee
5. Over 180 days: 12 times the normal fee

Conclusion

In conclusion, the BEN-1 ROC form stands as a crucial instrument in the realm of corporate transparency and accountability within India. Introduced as part of the Companies (Amendment) Act, 2017, this form plays a pivotal role in unveiling the layers of significant beneficial ownership behind a company’s façade. By mandating the declaration of individuals who hold substantial interests in a company, the BEN-1 form reinforces the nation’s commitment to combating money laundering, promoting financial integrity, and fostering a more transparent business environment.

So this was all about the BEN 1 Roc Form, and in case of any queries regarding the same, feel free to contact our experts at Instafiling.

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