Business Why declaration of significant beneficial ownership in a company promises a new age of transparency Updated : July 18, 2018 12:39 PM IST Section 89 of the Companies Act, 2013 requires every person (including foreign shareholders) to make a declaration of their beneficial ownership held in a company in the prescribed form(s). The declaration should specify the nature of interest held in the company and particulars of the person who is registered with the company as holder of the shares. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.