For the purposes of the SEBI (SAS

Regulation 2(1)(e) of the SEBI (SAST) Regulations, 2011 defines 'control' to include the right to appoint the MAJORITY of the directors, or to control the management or policy decisions - exercisable either directly or indirectly whether by virtue of shareholding, management rights, shareholders' agreements, voting agreements or otherwise. Because such control confers real power over the target's affairs, its ACQUISITION triggers the mandatory open offer under Regulation 3(1)(c) even absent a 25% shareholding. The definition is deliberately expansive to catch indirect and agreement-based control.