valid as on 20/07/2018

Section 392. Punishment for contravention
Effective from 01-04-2014

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 extend to fifty thousand rupees for every day after the first during which the contravention continues and every of the  who is in default shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than twenty five thousand rupees but which may extend to five lakh rupees, or with both.

2(59) Officer includes any director, manager or key managerial personnel or any person in accordance with whose directions or instructions the Board of Directors or any one or more of the directors is or are accustomed to act
2(43) Foreign Company means any company or body corporate incorporated outside India which,—

(a) has a place of business in India whether by itself or through an agent, physically or through   electronic mode;

(b) conducts any business activity in India in any other manner.

Enforcement Notification S.O. 902(E) dated 26/03/2014


CAIRR on Google Playsecretarial automation?Subscribe to CAIRR updates!