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[Cites 0, Cited by 0] [Section 294AA(8)] [Section 294AA] [Entire Act]

Union of India - Subsection

Section 294AA(8)(b) in The Companies Act, 1956

(b)"substantial interest",-
(i)in relation to an individual, means the beneficial interest held by such individual or any of his relatives, whether singly or taken together, in the shares of the company, the aggregate amount paid-up on which exceeds five lakhs of rupees or five per cent of the paid-up share capital of the company, whichever is the lesser;
(ii)in relation to a firm, means the beneficial interest held by one or more partners of the firm or any relative of such partner, whether singly or taken together, in the shares of the company, the aggregate amount paid-up on which exceeds five lakhs of rupees or five per cent of the paid-up share capital of the company whichever is the lesser;
(iii)in relation to a body corporate, means the beneficial interest held by such body corporate or one or more of its Directors or any relative of such Director, whether singly or taken together, in the shares of the company, the aggregate amount paid-up on which exceeds five lakhs of rupees or five per cent of the paid-up share capital of the company, whichever is the lesser.]