(2)Where a person has made an application under section 245-C on or after the 1st day of June, 2007 and if such application has been allowed to be proceeded with under sub-section (1) of section 245-D, such person [he or any person related to such person (herein referred to as related person) shall not be entitled to apply] [ Substituted by Act 22 of 2007, Section 63, for sub-Section (1-B) (w.e.f. 1.6.2007).] to make an application under section 245-C.] [ Substituted by Act 22 of 2007, Section 63, for the proviso (w.e.f. 1.6.2007).][Explanation. [Inserted by Finance Act, 2015 (No. 20 of 2015), dated 14.5.2015.] - For the purposes of this section, "related person" with respect to a person means, -(i)where such person is an individual, any company in which such person holds more than fifty per cent. of the shares or voting rights at any time, or any firm or association of persons or body of individuals in which such person is entitled to more than fifty per cent. of the profits at any time, or any Hindu undivided family in which such person is a karta;(ii)where such person is a company, any individual who held more than fifty per cent. of the shares or voting rights in such company at any time before the date of application before the Settlement Commission by such person;(iii)where such person is a firm or association of persons or body of individuals, any individual who was entitled to more than fifty per cent. of the profits in such firm, association of persons or body of individuals, at any time before the date of application before the Settlement Commission by such person;(iv)where such person is a Hindu undivided family, the karta of that Hindu undivided family.]
