(c) Where any application has been made under clause (a), the Reserve Bank may, after making such inquiry as it may deem fit, either allow the application subject to such conditions, if any, as 752 the Reserve Bank may think fit to impose or reject the application: . . (4) (a) Where at the commencement of this Act any person or company (including its branch) referred to in sub section (1) holds any shares in India of any company referred to in clause (b) of that sub section, then, such person or company (including its branch) shall not be entitled to continue to hold such shares unless before the expiry of a period of six months from such commencement or such further period as the Reserve Bank may allow in this behalf such person or company (including its branch) has made an application to the Reserve Bank in such form and containing such particulars as may be specified by the Reserve Bank for permission to continue to hold such shares.