In a recent development, the corporate affairs ministry has imposed penalties on Herox Pvt Ltd and two members of the Munjal family for violating significant beneficial owner (SBO) norms. Herox has been fined a total of Rs 8 lakh, while Suman Kant Munjal and Akshay Munjal have each been penalized with Rs 1.5 lakh. The violations pertain to the Significant Beneficial Owner (SBO) norms under Section 90 of the Companies Act, 2013. The Registrar of Companies (RoC), NCT of Delhi & Haryana, penalized Herox and the two individuals for failing to disclose SBO details. Despite receiving notices in BEN-1 from the significant beneficial owners, the company did not file the e-form BEN-2. An appeal against the order can be filed within 60 days [4b051f7a].
The penalties imposed on Herox and the Munjal family highlight the importance of complying with SBO norms. These norms require companies to disclose information about individuals who hold significant beneficial ownership in the company. Failure to comply with these norms can result in penalties and legal consequences. Companies should ensure that they are aware of and fulfill their obligations under the Companies Act, 2013, to avoid such penalties [4b051f7a].