Sir , you have given very beautiful explanation on each point. However, reporting Company is 100% subsidiary and parent co. does not have any individual holding mejority stake . Do I need to look further for indirect holding of 10%
Assumption that the SBO of holding company should be treated as SBO of subsidiary is incorrect. A person who holds 11 percent indirectly in a holding company will be SBO only for that company. Unless someone holds majority stake in holding company, it's subsidiaries do not become reporting company as no SBO is identified and no BEN 2 should be filed by subsidiaries.
The team fortunate enough to hear from you. We got to know the purpose of the rules that to bring the person forward who had a hat and cigar.....
The most effective webinar so far with the good presentation...
Beautiful Explanation!
Got my point clear.. thank you so much sir for clearing the Concept. Hope I can now help others also in this Topic.
Learn learn and learn
Agreed buddy....
Thank you.......
Pls Explain the term "any Change" which is given in the rule for subsequently filing
Sir , you have given very beautiful explanation on each point. However, reporting Company is 100% subsidiary and parent co. does not have any individual holding mejority stake . Do I need to look further for indirect holding of 10%
In this case Holding Reporting Company is exempted, and the Subsidiary Company will be required to File BEN 2.
Sir.. please discuss about cross holding
SBO in case of LLP
Assumption that the SBO of holding company should be treated as SBO of subsidiary is incorrect. A person who holds 11 percent indirectly in a holding company will be SBO only for that company. Unless someone holds majority stake in holding company, it's subsidiaries do not become reporting company as no SBO is identified and no BEN 2 should be filed by subsidiaries.
In a company where no person is holding majority share then in that case there will be no SBO...eg...30percent held by three person
If a person holds 25% stake in a company then he is SBO right?