Rule - 58

Prescribed class of persons for the purpose of section 92(3)(i) and section 79.

58. (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

Resident of an unauthorised colony in the National Capital Territory of Delhi

Any immovable property being land or building, or both

Where the Central Government by notification, regularised the transactions of such immovable property based on the latest power of attorney, 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.

Shareholder

Any movable property, being unquoted shares, of a company or its subsidiary or the subsidiary of such subsidiary

(a)		Where the Tribunal, on an application moved by the Central Government under section 241 of the Companies Act, 2013 (18 of 2013), has suspended the Board of Directors of such company and has appointed new directors nominated by the Central Government under section 242 of the said Act; and
(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.

Investor or the Investor bank

Any movable property, being equity shares, of the reconstructed bank

Where the said share has been allotted by the reconstructed bank under the Scheme at a price specified in paragraph 3(3) of the Scheme.

Any person from a public sector company or the Central Government or any State Government

Any movable property, being equity shares of a public sector company or a company

Such shares have been received under strategic disinvestment.

The fund management entity of the resultant fund

Any movable property, being shares or units or interest in the resultant fund.

The shares or units have been received in lieu of shares or units or interest held by the investment manager entity in the original fund, pursuant to the 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.

Rule Number 58

Footnotes