(1)No power plant shall qualify as a 'captive generating plant' linear Section 9 read with Clause (8) of Section 2 of the Act unless:-(a)in case of a power plant:(i)not less than twenty six percent of the ownership is held by the captive user(s), and(ii)not less than fifty one percent of the aggregate electricity - generated in such plant, determined on an annual basis, is consumed for the captive use :Provided that in case of power plant set up by registered co-operative society, the conditions mentioned under paragraphs at (i) and (ii) above shall be satisfied collectively by the members of the co-operative society :Provided further that in case of association of persons, the captive user(s) shall hold not less than twenty six percent of the ownership of the plant in aggregate and such captive user(s) shall consume not less than fifty one percent of the electricity generated, determined on an annual basis, in proportion to their hares in ownership of the power plant within a variation not exceeding ten percent;(b)in case of a generating station owned by a company formed as special purpose vehicle for such generating station, a unit or units of such generating station identified for captive use and not the entire generating station satisfy(s) the conditions contained in paragraphs (i) and (ii) of sub-clause (a) above including :-Explanation. - (1) The electricity required to be consumed by captive users shall be determined with reference to such generating unit or units in aggregate identified for captive use and not with reference to generating station as a whole; and
