individual engaged in trading commercial industrial, financial or professional business or that of a contractor for or in connection with the execution of public works or of an employee of such contractor and includes also a directorship of such company and partnership of such firm, but does not include employment under a body corporate, wholly or a substantially owned or controlled by the Central or a State Government,

(ii) setting up practice, either independently or as a partner of a firm, as adviser or consultant in matters in respect of which the employee –

(a) has no professional qualifications and the matters in respect of which the practice is to be set up or carried on are relatable to his official knowledge or experience, or

(b) has professional qualifications but the matters in respect of which such practice is to be set up are such as are likely to give his clients an unfair advantage by reason of his previous official position, or

(c) has to undertake work involving liaison or contact with the offices or employees of the Board.

Explanation - For the purpose of the clause, "employment under a co-operative society" includes the holding of any office, whether elective or otherwise, such as that of President, Chairman, Manager, Secretary, Treasurer and the like, by whatever name called in such society.