"Insignificantly" Significant Beneficial Interest

Section 187C of the erstwhile Companies Act, 1956 which dealt with declaration of beneficial interest was replaced with Section 89 of the Companies Act, 2013 ("Companies Act, 2013"). Section 187C was introduced with an objective to declare the beneficial interest held by a person in a company. Likewise, Section 89 of the Companies Act, 2013 is a simple provision as far as compliance is concerned.

Section 90 of the Companies Act, 2013, which is similar to Section 187D of the erstwhile Companies Act, 1956 was substituted by the Companies (Amendment) Act, 2017, four years after the Companies Act, 2013 was notified. The SBO Rules clarifying the stance taken by the substituted Section 90 of the Companies Act, 2013 were only notified recently.