On Wednesday, the Corporate Affairs Ministry slapped fines on Microsoft-owned LinkedIn India, Satya Nadella, and eight other people for violation of the Significant Beneficial Owner (SBO norms under the Companies Act, 2013.
Nadella is the chief of Microsoft. In December 2016, he acquired the professional networking platform LinkedIn.
The Registrar of Companies (NCT of Delhi & Haryana), in a 63-page order, said that LinkedIn India and the individuals broke the SBO norms under the Companies Act, 2013.
“… Satya Nadella and Ryan Roslansky are the SBOs in relation to the subject company and are liable to a penalty under section 90(10) of the Act, due to their failure to report as per section 90(1). Ryan Roslansky was appointed as the global CEO of LinkedIn Corporation on 1st June 2020 and started reporting to Satya Nadella,” the RoC, which comes under the ministry, said in the order, reported PTI.
According to the order, LinkedIn India and its officers are liable for action for the failure to take the required steps to identify the SBO in relation to the company.
The Registrar of Companies has slapped penalties totalling Rs 27,10,800 on LinkedIn India, Nadella, LinkedIn CEO Ryan Roslansky, and seven other individuals.
A penalty of Rs 7 lakh has been slapped on LinkedIn India for SBO norms violations. Fines of Rs 2 lakh each have been charged on Nadella and Roslansky, respectively.
Other people who have been fined are Michelle Katty Leung, Lisa Emiko Sato, Keith Ranger Dolliver, Benjamin Owen Orndorff, Ashutosh Gupta, Henry Chining Fong, and Mark Leonard Nadres Legaspi.