(1)Save as otherwise provided in sub-sections (2) and (3), the shares of the Corporation shall be freely transferable:Provided that any arrangement between two or more persons in respect of transfer of shares shall be enforceable as a contract.(2)Nothing contained in sub-section (1) shall entitle the Central Government to transfer any shares held by it in the Corporation, if as a 45 result of such transfer, the shares held by it, on a fully diluted basis, shall reduce to less than fifty-one per cent. of the issued equity share capitalof the Corporation.(3)No person, other than the Central Government, acting individually or with persons acting in concert with such person, or 50 constituents of a group, shall hold equity share in excess of five per cent. of issued equity share capital of the Corporation, or such higher percentage as the Central Government may by notification specify.Explanation.-For the purposes of this section,-(a)the expression "group" shall have the meaning assigned to it in the Competition Act, 2002.(b)the expression "persons acting in concert" shall have the meaning assigned to it in regulations made by the Securities and Exchange Board regarding substantial acquisition of shares and takeovers.
