Ownership threshold change narrows qualifying associates and grants Board discretion to determine associate status under factual criteria. The 2016 Amendment revises the associate definition by changing ownership language to require 'more than' the existing percentage threshold, omitting 'or more,' deleting a sub clause and the phrase about a company under the same management, and adding a new sub clause permitting the Board to deem a person an associate based on facts including extent of control, independence and conflict of interest; the regulations commence on publication in the Official Gazette.
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Provisions expressly mentioned in the judgment/order text.
Ownership threshold change narrows qualifying associates and grants Board discretion to determine associate status under factual criteria.
The 2016 Amendment revises the associate definition by changing ownership language to require "more than" the existing percentage threshold, omitting "or more," deleting a sub clause and the phrase about a company under the same management, and adding a new sub clause permitting the Board to deem a person an associate based on facts including extent of control, independence and conflict of interest; the regulations commence on publication in the Official Gazette.
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