The Department of the Registrar of Companies has issued a final warning to companies that have failed to submit their Beneficial Ownership information, cautioning that continued non-compliance could result in legal action, including fines of up to Rs. 1 million or imprisonment for up to 10 years. In a notice issued on October 28, the Registrar General of Companies said the extended deadline of October 21, 2026, had expired, urging all companies that have not complied to submit their outstanding information without further delay. The original deadline of September 30, 2026, had previously been extended to October 21. According to the notice, failure to comply with the statutory requirements relating to Beneficial Ownership constitutes an offence under the Companies Act, No. 7 of 2007, as amended by the Companies (Amendment) Act, No. 12 of 2025. The department warned that continued non-compliance could result in legal action and penalties prescribed by law, including, where applicable, a fine not exceeding Rs. 1 million, imprisonment for a period not exceeding 10 years, or both. Beneficial Ownership information identifies the individuals who ultimately own or control a company, helping improve corporate transparency and accountability. The Registrar General urged all affected companies to immediately submit and regularise outstanding information through the department’s Beneficial Ownership System. The notice stressed that companies must ensure immediate compliance with the legal requirements. (Newswire) The post Companies warned of Rs. 1 million fine, 10-year jail term over ownership disclosure failures appeared first on Newswire.
