Definitions

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....;] ^3[^4[(ab)] "change in control" (i) in case of a body corporate - (A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the Act; (B) in any other case, shall be construed as change in the controlling interest in the body corporate; Explanation: For the purpose of para (B) of this sub-clause, the expression ―"controlling interest" means an interest, whether direct or indirect, to the extent of at least fifty-one percent of voting rights in the body corporate; (ii) in a case other than that of a body corporate, shall be construed as ....

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....ion of the Board, is in conflict with his role; (ed) "regulatory department" means a department of a depository which is entrusted with regulatory powers and duties and includes such department as may be specified by the Board;" (f) "Schedule" means any of the Schedules annexed to these regulations;]^9 ^10(fa) "shareholder director" means a director who represents the interest of shareholders, and elected or nominated by such shareholders; (g) "sponsor" means any person or persons who, acting alone or in combination with another person proposes to establish a depository and undertakes to perform the obligations of a sponsor under these regulations. ^11[Explanation.-Any person who acting alone or in combination with others hol....