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Scrutiny for corporate layering
Financial Express Lucknow
|July 03, 2025
"IN THE PREVIOUS form, the disclosure requirements were limited but the companies will now have to divulge more details, especially names of subsidiaries and percentage of shareholding at each level," said Kalpit Khandelwal, partner at Aekom Legal.
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The revised form has to be digitally signed by authorised signatories such as director, CEO, CFO, manager, or company secretary, and must be endorsed by a board resolution authorising the filing. It has also been specified that a declaration attesting to the truthfulness, accuracy, and completeness of the information provided has to be made. Companies are warned against false statements or suppression of material information, and such practices would attract penalties under Sections 448 and 449 of the Companies Act, 2013.
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