(iii) any company (not being a subsidiary of the banking company or a company registered
under section 25 of the Companies Act, 1956 (1 of 1956), or a Govern ment company) of which
3[, or the subsidiary or the holding comp any of which] any of the directors of the banking
company is a director, managing agent, manager, employee or guarantor or i n which he holds
substantial interest, or