Ministry took action on violation of Company Act, fine imposed on eight including LinkedIn India and Satya Nadella
The Corporate Affairs Ministry on Wednesday imposed a fine of Rs 27 lakh on Microsoft's LinkedIn India CEO Satya Nadella and eight others for violating the Companies Act. Nadella is the head of Microsoft. They acquired the professional networking platform LinkedIn in December 2016. Satya Nadella and Ryan Roslansky are SBOs to the company.
Amar Chand Jajda
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The Corporate Affairs Ministry on Wednesday imposed a fine of Rs 27 lakh on Microsoft's LinkedIn India, Satya Nadella, and eight others for violating the Companies Act. Nadella is the head of Microsoft. They acquired the professional networking platform LinkedIn in December 2016.
In its decision, the Registrar of Companies (NCR and Haryana) declared that the individuals and LinkedIn India had breached the Substantive Beneficial Ownership (SBO) regulations as stipulated in the Companies Act 2013.
Regarding the company, Ryan Roslansky and Satya Nadella are SBOs. As a result of their failure to report under Section 90(1), they are subject to penalties under Section 90(10) of the Act.
On June 1, 2020, Roslansky was named CEO of LinkedIn Corporation for the entire world. Companies must submit SBO details in accordance with Section 90 of the Act.
