law: Companies Act, 2013 
  89.
  
    Declaration
  
  in respect of beneficial interest in any share.
  1.      Where the name of a
  
  person is entered in the register of members of a company as the holder of
  
  shares in that company but who does not hold the beneficial interest in such
  
  shares, such person shall make a declaration within such time and in such form
  
  as may be prescribed to the company specifying the name and other particulars
  
  of the person who holds the beneficial interest in such shares.
  2.      Every person who
  
  holds or acquires a beneficial interest in share of a company shall make a
  
  declaration to the company specifying the nature of his interest, particulars
  
  of the person in whose name the shares stand registered in the books of the
  
  company and such other particulars as may be prescribed.
  3.      Where any change
  
  occurs in the beneficial interest in such shares, the person referred to in
  
  sub-section (1 ) and the beneficial owner specified in sub-section (2 )
  
  shall, within a period of thirty days from the date of such change, make a
  
  declaration to the company in such form and containing such particulars as may
  
  be prescribed.
  4.      The Central
  
  Government may make rules to provide for the manner of holding and disclosing
  
  beneficial interest and beneficial ownership under this section.
  5.      If any person fails,
  
  to make a declaration as required under sub-section (1 ) or sub-section (2 )
  
  or sub-section (3 ), without any reasonable cause, he shall be punishable
  
  with fine which may extend to fifty thousand rupees and where the failure is a
  
  continuing one, with a further fine which may extend to one thousand rupees for
  
  every day after the first during which the failure continues.
  6.      Where any declaration
  
  under this section is made to a company, the company shall make a note of such
  
  declaration in the register concerned and shall file, within thirty days from
  
  the date of receipt of declaration by it, a return in the prescribed form with
  
  the Registrar in respect of such declaration with such fees or additional fees
  
  as may be prescribed, within the time specified under section 403.
  7.      If a company,
  
  required to file a return under sub-section (6 ), fails to do so before
  
  the expiry of the time specified under the first proviso to sub-section (1 )
  
  of section 403, the company and every officer of the company who is in default
  
  shall be punishable with fine which shall not be less than five hundred rupees
  
  but which may extend to one thousand rupees and where the failure is a
  
  continuing one, with a further fine which may extend to one thousand rupees for
  
  every day after the first during which the failure continues.
  8.      No right in relation
  
  to any share in respect of which a declaration is required to be made under
  
  this section but not made by the beneficial owner, shall be enforceable by him
  
  or by any person claiming through him.
  9.      Nothing in this
  
  section shall be deemed to prejudice the obligation of a company to pay
  
  dividend to its members under this Act and the said obligation shall, on such
  
  payment, stand discharged.