Voting control requirement mandates continued majority holding after strategic disinvestment or transfer provisions apply for non-compliance. Insertion of a voting power continuity condition requires that where shares vest in an erstwhile public sector company following strategic disinvestment, the ultimate holding company must immediately thereafter continue to hold, directly or through subsidiaries, at least fifty-one per cent of the voting power; failure to comply in any previous year after completion triggers application of the transfer provisions in sub-section (1) for that and subsequent previous years, and the amendment imports the definitions of erstwhile public sector company and strategic disinvestment from the Explanation to clause (d) of sub-section (1) of section 72A.
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Provisions expressly mentioned in the judgment/order text.
Voting control requirement mandates continued majority holding after strategic disinvestment or transfer provisions apply for non-compliance.
Insertion of a voting power continuity condition requires that where shares vest in an erstwhile public sector company following strategic disinvestment, the ultimate holding company must immediately thereafter continue to hold, directly or through subsidiaries, at least fifty-one per cent of the voting power; failure to comply in any previous year after completion triggers application of the transfer provisions in sub-section (1) for that and subsequent previous years, and the amendment imports the definitions of erstwhile public sector company and strategic disinvestment from the Explanation to clause (d) of sub-section (1) of section 72A.
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