(i) two or more individuals, associations of individuals, firms, trusts, trustees or bodies corporate (excluding financial institutions), or any combination thereof, which exercises, or is established to be in a position to exercise, control, directly or indirectly, over any body corporate, firm or trust; or

(ii) associated persons. Explanation.- For the purposes of this clause--

(I) a group of persons who are able, directly or indirectly, to control the policy of a body corporate, firm or trust, without having a controlling interest in that body corporate, firm or trust shall also be deemed to be in a position to exercise control over it;

(ii) a State Financial, Industrial or Investment Corporation;

(iii) the State Bank of India or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks Act, 1959 ;

(iv) a nationalised bank, that is to say, a corresponding new bank as defined in section 2 of--

(i) the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 ; or

(ii) the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 ; or

(v) the General Insurance Corporation of India established in pursuance of the provisions of section 9 of the General Insurance Business (Nationalisation) Act, 1972 ;

(vi) the Industrial Reconstruction Corporation of India; or

(vii) any other institution which the Central Government may, by notification, specify in this behalf;