Shareholding control threshold revised for qualifying companies, altering beneficial ownership attribution and adding a sector-specific exception.

Amendment revises definitional provisions by deleting a restriction excluding entities "not involving the carrying on of any activity for profit," and substitutes a provision treating shares carrying a controlling proportion of voting power as allotted to or beneficially held by the Government, statutory corporations, or specified related companies and qualifying subsidiaries; an explanation provides a reduced voting-power threshold for Indian companies principally engaged in ship construction, manufacturing or processing of goods, mining, or power generation and distribution.

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