Based on the decision of the Supreme Court of India in the case of Ajay Hassia v. Khalid Mujib…

Existence of deep and pervasive State Control may afford an indication that the corporation is a State agency or instrumentality.

When the control is merely regulatory whether under statute or otherwise, it would not serve to make the body a State.

Neither of the following statements is correct: Existence of deep and pervasive State Control may afford an indication that the corporation is a State agency or instrumentality.; When the control is merely regulatory whether under statute or otherwise, it would not serve to make the body a State.

Both of the following statements are correct: Existence of deep and pervasive State Control may afford an indication that the corporation is a State agency or instrumentality.; When the control is merely regulatory whether under statute or otherwise, it would not serve to make the body a State.