Designation of Responsibility under Section 89 (Beneficial Interest)

## Designation of Responsibility (Section 89)

### Who may be designated?

The company may designate any one of the following persons to be responsible for furnishing information about beneficial interest:

• Company Secretary (CS) — where appointment of CS is mandatory, or
• Key Managerial Personnel (KMP) other than CS, or
• Every director — where there is no CS or KMP.

### Deemed Designation

Until a person is actually designated, the following shall be deemed to be designated:

• The CS, if appointed; else
• A KMP / Manager, if any; else
• Every director of the company.

### Disclosure & Change

• Details of the designated person must be disclosed in the Annual Return.
• Any change in such designation must be intimated to the Registrar of Companies (RoC) in Form GNL-2.

### Penalty under Section 89

### Non-applicability of Section 89

Section 89 does NOT apply to:

• Trusts created to set up a Mutual Fund, Venture Capital Fund, or other SEBI-regulated funds.
• Government Companies.