Associate definition revised to exclude certain sponsors investing for insurance beneficiaries; corresponding schedule provisions amended. The amendment revises the definition of associate by adding a proviso excluding sponsors that invest in companies on behalf of insurance policy beneficiaries or other specified schemes, and updates Part B of the Fifth Schedule to substitute the sub clause identifying associates for Asset Management Companies and sponsors while omitting a related sub clause to align with the revised associate definition.
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Provisions expressly mentioned in the judgment/order text.
Associate definition revised to exclude certain sponsors investing for insurance beneficiaries; corresponding schedule provisions amended.
The amendment revises the definition of associate by adding a proviso excluding sponsors that invest in companies on behalf of insurance policy beneficiaries or other specified schemes, and updates Part B of the Fifth Schedule to substitute the sub clause identifying associates for Asset Management Companies and sponsors while omitting a related sub clause to align with the revised associate definition.
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