s 86FD Duty of designated entity or trustee-manager to report changes of equity and control of certain persons
86FD.—(1) If a designated entity or, in the case of a designated entity that is a business trust, its trustee-manager, becomes aware that —(a) a person has, on or after the effective designation date, become a 5% controller, 25% controller, 50% controller or 75% controller of the designated entity; (b) a 25% controller, 50% controller or 75% controller of the designated entity has, on or after the effective designation date, ceased to be a 25% controller, 50% controller or 75% controller (as the case may be) of the designated entity; (c) a person has, on or after the effective designation date, become an indirect controller of the designated entity; or (d) in a case where the designated entity is a designated operating entity — a person has, on or after the effective designation date, acquired as a going concern, the designated operating entity’s business of providing any essential transport service (or any part of such business), the designated entity or trustee-manager (as the case may be) must inform the Authority in writing within 7 days after becoming aware of that fact. (2) Any person who contravenes subsection (1) shall be guilty of an offence.[Act 20 of 2024 wef 01/04/2025]