(3)For the purposes of sub-section (1)(d),—(a)"control" shall have the same meaning as assigned to it in section 2(27) of the Companies Act, 2013;(b)"erstwhile public sector company" means a company which was a public sector company in earlier tax years and ceases to be so due to strategic disinvestment by the Government;(c)(i)"strategic disinvestment" means sale of shareholding by the Central Government or State Government or a public sector company, in a public sector company or in a company, which results in—(A) reduction of its shareholding to below 51%; and(B) transfer of control to the buyer;(ii)for clause(c)(i)(A), the reduction of shareholding shall apply only where shareholding of the Central Government or the State Government or the public sector company exceeded 51% before the sale of shareholding;(iii)the transfer of control referred to in clause (c)(i)(B) may be effected by the Central Government or the State Government or the public sector company or any two or all of them.
