Clause 16

by deleting the words “any body corporate, wherever incorporated” in subsection (1) and substituting the words “any such company”; and

by inserting, immediately after subsection (1), the following subsection:“(1A) No approval shall be required to be given under section 160A by a holding company by reason only of the fact that the arrangement is between a company and a person connected with a director of the holding company, where the person connected with the director of the holding company is the holding company itself and the only reason for its being so connected is the interest or deemed interest of the director, or that of a person connected with that director, in the equity share capital of the holding company.”.