(b) 8[ if it is a company which is not a private company as defined in the Companies Act, 19569 (1 of 1956 ), and the conditions specified either in item (A) or in item (B) are fulfilled, namely:-
(A) shares in the company (not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) were, as on the last day of the relevant previous year, listed in a recognised stock exchange in India in
accordance with the Securities Contracts (Regulation) Act, 1956 1 (42 of 1956 ), and any rules made thereunder;
(B) 2[ shares in the company (not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) carrying not less than fifty per cent of the voting power have been allotted unconditionally to, or acquired unconditionally by, and were throughout the relevant previous year beneficially held by-
(b) a corporation established by a Central, State or Provincial Act, or
(c) any company to which this clause applies or any subsidiary company of such company 1[ if the whole of the share capital of such subsidiary company has been held by the parent company or by its nominees throughout the previous year.] Explanation.- In its application to an Indian company whose business consists mainly in the construction of ships or in the manufacture or processing of goods or in mining or in the generation or distribution of electricity or any other form of power, item (B) shall have effect as if for the words" not less than fifty per cent", the words" not less than forty per cent" had been substituted;]]