(a)that since the date of the annual general meeting with reference to which the last return was submitted, or in the case of a first return, since the date of the incorporation of the private company, no body or bodies corporate has or have held twenty-five per cent or more of its paid-up share capital, [*] [The words " or" omitted by Act 31 of 1988, Section 7 (w.e.f. 15.6.1988). ],