(i) Any allottee which undergoes in a change in constitution or change in shareholding structure within limits under sub-clauses (ii), (iii) and (iv) below, shall have to inform the Corporation within a year of effecting such change or along with certificate issued by the Company Secretary detailing the nature of such changes. The Corporation will make necessary changes in its record on payment of the processing fees specified under clause 21. However in the event any of such changes in the constitution or shareholding structure result in breaching the limits stipulated under (ii) and (iii), the lease hold rights over the plots will be deemed as transferred and the Corporation will process the case in accordance with these regulations.
Existing allottees which have undergone change in constitution or change in shareholding structure within limits under sub-clauses (ii), (iii) & (iv) shall inform the Corporation within a year of notifying of these regulations.
(ii) Change in constitution in case of a proprietary or a partnership firm (including limited liability partnership firm) which does not result in the original/existing proprietor or partner and their relatives diluting their share of ownership in such firm below 51%.
(iii) Change in shareholding structure in case of a private limited company which does not result in the original/existing promoter shareholders diluting their share of ownership in such firm below 269a.
(iv) Change in constitution or shareholding structure of a firm or a company only amongst the relatives, which does not result in transfer of ownership.
Explanation:— Original shareholding of the Promoters for purposes of sub-clause (iii) above shall be the shareholding as on the date of starting the commercial operations.