(i) if he has any right to acquire or dispose of the share or debenture or any interest therein or to vote in respect thereof;
(ii) if his consent is necessary for the exercise of any of the rights of other persons interested therein; or
(iii) if other persons interested therein can be required or are accustomed to exercise their rights in accordance with his directions or instructions.
Any person, who is required to give information fails to give information knowingly or recklessly makes any statement which is materially false, is liable to punishment with imprisonment upto 6 months or with fine upto Rs. 50,000 or with both.
The Companies (Amendment) Act, 1988 has without prejudice to the existing powers of the Central Government under Section 248, as stated above, has also enjoined the Company Law Board to call for information in respect of the ownership of shares and debentures.
