MCA penalises Samsung Display Noida for breach of Companies Act norms - MMJC

The ministry of corporate affairs (MCA) has slapped penalties totaling Rs 8,14,200 on Samsung Display Noida Private Ltd, its managing director Seung Kyu Lee and three others for alleged violation of the significant beneficial owner (SBO) norms under the Companies Act, 2013.

This is the third such instance in two months when the RoC penalised unlisted companies, having foreign shareholdings, for not taking the required steps to identify significant beneficial owners, according to Makarand M Joshi, founder partner of MMJC!

“From this it is seen that the government is keen on investigating and identifying significant beneficial owners wherever foreign shareholders are holding a majority stake,” Joshi added.

Views shared by our Partner – Mr. Makarand M Joshi and the same are published in Economic Times!

Read more at:
https://economictimes.indiatimes.com/industry/cons-products/electronics/mca-penalises-samsung-display-noida-for-breach-of-companies-act-norms/articleshow/110977498.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst