On an analysis of the provisions of the third proviso to section 23 A and its explanation, the following position emerges: (1) Where there is no individual member or a group of members acting in concert holding fifty one per cent or more of the voting power, which controls the working of a company, it is from its very nature a company in which there is no controlling member or group and therefore the public are substantially interested; (2) Where a shareholder holds or a group of shareholders acting in concert hold fifty one per cent or more of the voting power, the question is one of fact to be determined in each case, whether it is a company in which the public are substantially interested, having regard to the purpose for which the holding of fifty one per cent or more is utilised; (3) Where not less than twenty five per cent of the voting power is allotted unconditionally to, or is acquired unconditionally by or is beneficially held by the public, it shall be presumed that the company is one in which the public are substantially interested.