Examine whether Joy will fall under the purview of Significant Beneficial Owner with respect to Zed Ltd. in the following circumstances: Joy holds 7% of equity in Zed Ltd. directly. He is also the trustee of a discretion

As per Rule 2(h) of the Companies (Significant Beneficial Owners) Rules 2018, Significant Beneficial Owner in relation to a reporting company means an individual referred to in sub-section (1) of section 90, who acting alone or together, or through one or more persons or trust, possesses one or more of the following rights or entitlements in such reporting company, namely: holds indirectly, or together with any direct holdings, not less than 10% of the shares; holds indirectly, or together with any direct holdings, not less than 10% of the voting rights in the shares; has right to receive or participate in not less than 10% of the total distributable dividend, or any other distribution, in a financial year through indirect holding alone, or together with any direct holdings has right to exercise, or actually exercises, significant influence or control, in any manner other than through direct holdings alone. Joy holds 7% of equity in Zed Ltd. directly. He is also the trustee of a discretionary trust that holds 4% equity in Zed Ltd. He is a Significant Beneficial Owner since he holds total 11% equity in Zed Ltd. through indirect and direct holdings. Holding by way of being a trustee of a discretionary trust is considered to be indirect holding.