Wealth-related disputes are common – even when family and relationships are valued over material needs. As family businesses and relationship circles get larger and more complex, parties often seek to separate commercial control, ownership and interests and achieve greater independence. This brings to the fore the significance of family settlements, which allow families to achieve these objectives amicably while preserving their values and honouring the wishes of all family members.
Following the recommendations of the Financial Action Task Force, India has introduced a statutory requirement for the identification and disclosure of significant beneficial owners, whether Indian or foreign, of every company incorporated in India. This is a landmark development which will lead to a significant push towards transparency.