Section 135 of the Principal Act is hereby amended by substituting for sub-section (3) the following sub-section -
"(3) Any person who is for the time being beneficially entitled to 5% or more of the issued equity shares of a company shall for the purposes of this section and section 134 and notwithstanding any provision of this Act to the contrary, be deemed to be a director and the provisions of this section and section 134 shall with such adaptations as are necessary extend and apply accordingly.".