Definition of company in which public are substantially interested clarified; amendment treated as declaratory affecting assessments and appeals. The instruction clarifies that a company in which public are substantially interested includes a company whose equity is substantially held by another such company or its wholly owned subsidiary when applicable thresholds and conditions are met, and that, for assessing control by five or fewer persons, shareholdings of that intermediate company (or its wholly owned subsidiary) meeting those thresholds are to be excluded.
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Provisions expressly mentioned in the judgment/order text.
Definition of company in which public are substantially interested clarified; amendment treated as declaratory affecting assessments and appeals.
The instruction clarifies that a company in which public are substantially interested includes a company whose equity is substantially held by another such company or its wholly owned subsidiary when applicable thresholds and conditions are met, and that, for assessing control by five or fewer persons, shareholdings of that intermediate company (or its wholly owned subsidiary) meeting those thresholds are to be excluded.
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