No body corporate or bodies corporate under the same management, which holds, or hold in the aggregate, ten per cent or more of the nominal value of the equity share capital of a foreign company, having an established place of business in India, shall transfer any share in such foreign company to any citizen of India or any body corporate incorporated in India except with the previous approval of the Central Government and such previous approval shall not be refused unless the Central Government is of opinion that such transfer would be prejudicial to the public interest.]

1. Ins. by Act 46 of 1977, sec. 4 (w.e.f. 24-12-1977) and omitted by Act 30 of 1984, sec. 52 (w.e.f. 1-8-1984) and again ins. by Act 58 of 1991, sec. 28 (w.r.e.f. 27-9-1991).