Section 391: Application of sections 34 to 36 and Chapter XX
This section is for applying certain company law rules to foreign companies operating in India.
The section, clause by clause
What the section says
In plain terms
(1)The provisions of sections 34 to 36 (both inclusive) shall apply to—
The rules that apply to Indian companies' prospectuses also apply to prospectuses issued by foreign companies incorporated under section 389 and to the issue of Indian Depository Receipts by a foreign company.
(1)(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;
(1)(ii)the issue of Indian Depository Receipts by a foreign company.
(2)Subject to the provisions of section 376, the provisions of Chapter XX shall apply mutatis mutandis for closure of the place of business of a foreign company in India as if it were a company incorporated in India in case such foreign company has raised monies through offer or issue of securities under this Chapter which have not been repaid or redeemed.]
The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.
Amendment notes
- 1. Subs. by Act 1 of 2018, s. 79, for sub-section (2) (w.e.f. 9-2-2018).
- 2. The words “with imprisonment for a term which may extend to six months or” omitted by Act 29 of 2020, s. 54 (w.e.f. 21-12- 2020).
- 3. Subs. by s. 54, ibid., for “fifty thousand rupees, or with both” (w.e.f. 21-12-2020).
- 4. Ins. by s. 55, ibid. (w.e.f. 22-1-2021).
This section refers to
Referred to by
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.