Rule 58 - Prescribed class of persons for the purpose of section 92(3)(i) and section 79 Full text

58. Prescribed class of persons for the purpose of section 92(3)(i) and section 79.– (1) The provisions of section 92(2)(m) shall not apply to class of persons referred to in column B of the following Table, where such persons receive assets in the nature referred to in column C, subject to satisfaction of the conditions specified in column D thereof: Table S. No Class of persons Nature of Asset Conditions A B C D 1. Resident of an Any immovable Where the Central Government by notification, unauthorised colony in property being land or regularised the transactions of such immovable the National Capital building, or both. property based on the latest power of attorney, Territory of Delhi. agreement to sale, will, possession letter and other documents including documents evidencing payment of consideration for conferring or recognising right of ownership or transfer or mortgage in regard to such immovable property in favour of such resident. 2. Shareholder. Any movable (a) Where the Tribunal, on an application moved by property, being the Central Government under section 241 of the unquoted shares, of a Companies Act, 2013 (18 of 2013), has suspended the company or its Board of Directors of such company and has subsidiary or the appointed new directors nominated by the Central subsidiary of such Government under section 242 of the said Act; and subsidiary (b) where the share of the company or its subsidiary or the subsidiary of such subsidiary has been received by the shareholder pursuant to a resolution plan approved by the Tribunal under section 242 of the Companies Act, 2013 (18 of 2013) after affording a reasonable opportunity of being heard to the jurisdictional Principal Commissioner or Commissioner. 3 Investor or the Investor Any movable Where the said share has been allotted by the bank property, being equity reconstructed bank under the Scheme at a price shares, of the specified in paragraph 3(3) of the Scheme. reconstructed bank 4 Any person from a Any movable Such shares have been received under strategic public sector company property, being equity disinvestment or the Central shares of a public Government or any sector company or a State Government company 5 The fund management Any movable The shares or units have been received in lieu of entity of the resultant property, being shares shares or units or interest held by the investment fund. or units or interest in manager entity in the original fund, pursuant to the the resultant fund. relocation, subject to the following conditions:– (a) not less than 90% of shares or units or interest in the fund management entity of the resultant fund are held by the same entities or persons, in the same proportion as held by them in the investment manager entity of the original fund; and (b) not less than 90% of the aggregate of shares or units or interest in the investment manager entity of the original fund was held by such entities, or persons. (2) The provisions of section 79 shall also not apply to the transfer of any movable property of the nature mentioned in sub-rule (1) [Table: Sl. No. 2] where the conditions mentioned therein are satisfied. (3) For the purposes of– (a) sub-rule (1) [Table: Sl.No. 1],– (i) "resident" means a person having physical possession of property on the basis of a registered sale deed or latest set of power of attorney, agreement to sale, will, possession letter and other documents including documents evidencing payment of consideration in respect of a property in unauthorised colonies and includes their legal heirs but does not include a tenant, licensee or permissive user; and (ii) "unauthorised colony" shall have the same meaning as assigned to it in clause (b) of section 2 of the National Capital Territory of Delhi (Recognition of Property Rights of Residents in Unauthorised Colonies) Act, 2019 (45 of 2019); (b) sub-rule (1) [Table: Sl.No. 2],– (i) a company shall be a subsidiary of another company, if such other company holds more than half in nominal value of the equity share capital of the company; and (ii) "Tribunal" shall have the same meaning as assigned to it in section 2(90) of the Companies Act, 2013 (18 of 2013); (c) sub-rule (1) [Table: Sl.No. 3],– (i) "investor" shall have the same meaning as assigned to it in paragraph 2(1)(b) of the Scheme; (ii) "investor bank" shall have the same meaning as assigned to it in paragraph 2(1)(c) of the Scheme; (iii) "reconstructed bank" shall have the same meaning as assigned to it in paragraph 2(1)(d) of the Scheme; and (iv) "Scheme" means Yes Bank Limited Reconstruction Scheme, 2020. (d) sub-rule (1) [Table: Sl.No. 4], ―strategic disinvestment‖ shall have the same meaning as assigned to it in section 116(3)(c); and (e) sub-rule (1), [Table: Sl.No. 5]- - (i) the expressions "relocation", "original fund" and "resultant fund" shall have the meanings respectively assigned to them in section 70(2) [Table: Sl. No.5]; (ii) "fund management entity" shall have the same meaning as assigned to it in regulation 2(p) of the International Financial Services Centres Authority (Fund Management) Regulations, 2022 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019); and (iii) "investment manager entity" means the fund manager of the original fund regulated by the respective regulation of the jurisdiction in which the original fund is located.