MCA exempts foreign & companies incorporated outside India from provisions of sections 387 to 392


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Exemption from Chapter XXII: Companies Incorporated Outside India

Central Government hereby exempts (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,, from the provisions of sections 387 to 392 (both inclusive) of Companies Act, 2013.

The Central Government, by exercising its powers under section 393A of the Companies Act, 2013, has exempted the following from the provisions of sections 387 to 392 (both inclusive):

  • Foreign Companies
  • 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

to the extent, they relate to the

  • offering for subscription in the securities,
  • requirements related to the prospectus and
  • all matters incidental thereto

in the International Financial Services Centres (IFSCs) set up under Section 18 of the Special Economic Zones Act, 2005.

Note: Section 393A was inserted vide the Companies (Amendment) Act, 2020 and was made effective w.e.f. 22nd January, 2021.

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MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 5th August, 2021

S.O. 3156(E).—In exercise of the powers conferred by section 393A of the Companies Act, 2013 (18 of 2013), the Central Government hereby exempts, from the provisions of sections 387 to 392 (both inclusive), the following:-

(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,

insofar as they relate to the offering for subscription in the securities, requirements related to the prospectus, and all matters incidental thereto in the International Financial Services Centres set up under section 18 of the Special Economic Zones Act, 2005(28 of 2005).

[F. No. 3/4/2021-CL.-I]

K.V.R. MURTY, Jt. Secy.


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