: (1) If any person holds ordinary shares with full voting rights of five percent or more of the paid-up capital of any public company in his name or through his representative, he shall be deemed to own the basic shares in such company. But in the case of a company with a paid-up capital of more than twenty-five million rupees, even if one percent or more of the total paid-up capital of such company is taken, it will be considered as basic share ownership.
(2) The basic shareholder of every public company must disclose his name and address within thirty days of knowing that he is the basic shareholder of that company, and also inform the company of the full details of the shares registered in his name or in the name of his representative.
(3) If a person does not continue to be a basic shareholder of a public company, within thirty days from the date of becoming aware of it, he shall disclose his name and give notice to the company stating the date and other details of his non-existence as a basic shareholder of that company, as well as the reason why he does not have the status of a basic shareholder.
(4) Every public company shall maintain a separate register for the purpose of sub-sections (1), (2) and (3).