(11)The provisions of this section, , shall, on and from, the commencement of the Insurance (Amendment) Act, 1968, also apply to insurers carrying on general insurance business subject to the following modifications, namely:--(i)that references in sub-sections (1), (3), (5) and (6) to the Insurance (Amendment) Act, 1950, shall be construed as references to the Insurance (Amendment) Act, 1968;Explanation--For the purpose of this section, the holding of a person in the shares of a company shall be deemed to include--(i)the total paid-up holding in such shares held by such person in the name of others; and(ii)if any shares of the company are held--(a)by a public limited company, of which such person is a member holding more than ten per cent of the paid-up capital, or(b)by a private limited company, of which such person is a member, or(c)by a company, of which such person is a managing director, manager, or in which he has a controlling interest, or(d)by a firm in which such person is a partner, or(e)by such person jointly with others, such part of the total paid-up holding of the company or firm or of the total joint holding in those shares, as is proportionate to the contribution made by such person to the paid-up capital of the company, the paid-up capital of the firm or the joint holding, as the case may be.
