Under Section 3(6) of the SARFAESI Act, an asset reconstruction company must obtain prior approval of the Reserve Bank for substantial change in management. Which of the following constitutes 'substantial change in management' as per the Explanation to Section 3(6)?

The Explanation to Section 3(6) defines 'substantial change in management' as change in management by way of: (i) transfer of shares; (ii) change affecting the sponsorship in the company by way of transfer of shares (inserted by 2016 Amendment); or (iii) amalgamation; or (iv) transfer of the business of the company. Any of these changes requires prior approval from the Reserve Bank. The decision of the Reserve Bank as to whether a particular change constitutes a 'substantial change' is final. This provision is designed to ensure RBI oversight over the ownership and control of ARCs, which handle stressed assets of banks.