(9)In case the Infrastructure Debt Fund does not fulfil any of the conditions provided in this rule or directions of the Reserve Bank of India, all provisions of the Act shall apply as if it is not an Infrastructure Debt Fund referred to in clause (47) of section 10 of the Act.Explanation. - For the purpose of this rule,-(i)"associate enterprise" shall have the same meaning as assigned to it in section 92A of the Act;(ii)"concern" shall have the same meaning as in clause (a) of Explanation 3 of *sub-section (22) of section 2 of the Act;(iii)"concessionaire", "tripartite agreement" and "project authority" respectively shall have the same meaning as assigned to them in the Infrastructure Debt Fund - Non-Banking Financial Companies (Reserve Bank) Directions, 2011;(iv)"corpus" means the total funds of the Infrastructure Debt Fund raised for the purpose of investment;(v)"group" means a group as defined in clause (mm) of section 2 of Securities and Exchange Board of India (Mutual Funds) Regulations, 1996;(vi)a person shall be deemed to have substantial interest in-(a)a company if he is the beneficial owner (including beneficial ownership held by one or more of his relatives, in case the person is an individual) of shares (not being the shares entitled to a fixed rate of dividend whether with or without a right to participate in profits) holding not less than 10 per cent of the voting power; or(b)a concern other than a company if he is, at any time during the previous year, beneficially entitled to not less than 20 per cent of the income of such concern;(vii)"relative", in relation to an individual, means-(a)spouse of the individual;(b)brother or sister of the individual;(c)brother or sister of the spouse of the individual;(d)brother or sister of either of the parents of the individual;(e)any lineal ascendant or descendant of the individual;(f)any lineal ascendant or descendant of the spouse of the individual;(g)spouse of the persons referred to in sub-clauses (b) to (f); or(h)any lineal descendant of a brother or sister of either the individual or of the spouse of the individual;(viii)"sponsor" means a non-banking financial company, or a bank which is allowed to act as sponsor of Infrastructure Debt Fund in accordance with the directions of Reserve Bank of India.
