Amendment of Section 2

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.... company as defined in the Companies Act, 1956 (1 of 1956), and the conditions specified either in item (A) or in item (B) are fulfilled, namely :- (A) shares in the company (not being shares entitled to a fixed rate divided whether with or without a further right to participate in profits) were on the last day of the relevant previous year, listed in a recognised stock exchange in India ....

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....ed to as the subsidiary company), or (d) the public (not being a director, or a company to which this clause does not apply); (ii) the said shares were, during the relevant previous year, freely transferable by the holder to the other members of the public; and (iii) the affairs of the company, or the shares carrying more than fifty per cent. of its total voting power we....