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Prescribed class of persons for the purpose of section 50CA— The provisions of section 50CA of the Act shall not apply to transfer of any movable property,being unquoted shares, of a company and its subsidiary and the subsidiary of such subsidiary by anassessee, where,—
(i)   the Tribunal, on an application moved by the Central Government under section 241 of the Companies Act, 2013, has suspended the Board of Directors of such company and has appointed new directors nominated by the Central Government under section 242 of the said Act; and
(ii)   share of such company and its subsidiary and the subsidiary of such subsidiary has been transferred pursuant to a resolution plan approved by the Tribunal under section 242 of the Companies Act, 2013 after affording a reasonable opportunity of being heard to the jurisdictional Principal Commissioner or Commissioner.

Explanation.-For the purposes of this sub-rule,-

(a)   a company shall be a subsidiary of another company, if such other company holds more than half in nominal value of the equity share capital of the company
(b)   "Tribunal" shall have the same meaning assigned to it in clause (90) of section 2 of the Companies Act, 2013.
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