Person who has a substantial interest in the company - Definition / Legal Terminology - Income Tax

As per clause (32) of section 2 of the Income -tax Act 1961 Person who has a substantial interest in the company , in relation to a company, means - a person who is the beneficial owner of shares, not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits, carrying not less than twenty per cent of the voting power ;