Annual reports on Government companies (1) Where the Central Government is a member of a Government company, the Central Government shall cause an annual report on the working and affairs of that company to be— (a) prepared within three months of its annual general meeting before which the comments given by the Comptroller and Auditor-General of India and the audit […]

Exemptions under this Chapter The Central Government may, by notification, exempt any class of- (a) foreign companies; (b) companies incorporated or to be incorporated outside India, whether the company has or has not established, or when formed may or may not establish, a place of business in India, as may be specified in the notification, from any

Application of Sections 34 to 36 and Chapter XX (1) The provisions of sections 34 to 36 (both inclusive) shall apply to— (i) the issue of a prospectus by a company incorporated outside India under section 389 as they apply to prospectus issued by an Indian company; (ii) the issue of Indian Depository Receipts by a foreign company. **1[(2) Subject to the provisions of section 376, the provisions of Chapter XX

Punishment for Contravention Without prejudice to the provisions of section 391, if a foreign company contravenes the provisions of this Chapter, the foreign company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to three lakh rupees and in the case of a continuing offence, with an additional fine which may

Company’s failure to comply with provisions of this Chapter not to affect validity of contracts, etc Any failure by a company to comply with the provisions of this Chapter shall not affect the validity of any contract, dealing or transaction entered into by the company or its liability to be sued in respect thereof, but the company shall not be entitled

Offer of Indian Depository Receipts Notwithstanding anything contained in any other law for the time being in force, the Central Government may make rules applicable for— (a) the offer of Indian Depository Receipts; (b) the requirement of disclosures in prospectus or letter of offer issued in connection with Indian Depository Receipts; (c) the manner in which the Indian Depository Receipts shall be dealt

Registration of prospectus No person shall issue, circulate or distribute in India any prospectus offering for subscription in securities of a company incorporated or to be incorporated outside India, whether the company has or has not established, or when formed will or will not establish, a place of business in India, unless before the issue, circulation or distribution of the prospectus in India, a copy

Provisions as to expert’s consent and allotment (1) No person shall issue, circulate or distribute in India any prospectus offering for subscription in securities of a company incorporated or to be incorporated outside India, whether the company has or has not been established, or when formed will or will not establish, a place of business in India,— (a) if, where the prospectus includes a statement

Dating of prospects and particulars to be contained therein. (1) No person shall issue, circulate or distribute in India any prospectus offering to subscribe for securities of a company incorporated or to be incorporated outside India, whether the company has or has not established, or when formed will or will not establish, a place of business in India, unless the prospectus is dated and signed,

Interpretation For the purposes of the foregoing provisions of this Chapter,— *(a) the expression “certified” means certified in the prescribed manner to be a true copy or a correct translation; (b) the expression “director”, in relation to a foreign company, includes any person in accordance with whose directions or instructions the Board of Directors of the company is accustomed to act; and