Section 391. Application of sections 34 to 36 and Chapter XXExempted for (a) foreign companies and (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 vide S.O.3156(E) Exemption Notification dated August 5,2021. To view the notification Click Here
(1) The provisions of sections 34 to 36 (both inclusive) shall apply to—
(i) the issue of a prospectus2(70) Prospectus means any document described or issued as a prospectus and includes a red herring prospectus referred to in section 32 or shelf prospectus referred to in section 31 or any notice, circular, advertisement or other document inviting offers from the public for the subscription or purchase of any securities of a body corporate 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 Receipt2(48) Indian Depository Receipt means any instrument in the form of a depository receipt created by a domestic depository in India and authorised by a company incorporated outside India making an issue of such depository receipts by a foreign company2(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..
(2) The provisionsRefer circular 01/2017. To view the clarification,Click Here 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.(Notified)
Commencement Notification dated 09.02.2018
Enforcement Notification S.O. 3677(E) dated 07/12/2016
Enforcement Notification S.O. 902(E) dated 26/03/2014
S.O. 3156(E) Exemption Notification dated 05.08.2021
The Companies (Amendment) Act, 2017 (Effective from 03.01.2018)