391 Application of Sections 34 to 36 and Chapter XX

Notified Date of Section: 01/04/2014

391. *(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 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.]

Note :-

* Notification - Section 393A dated 05.08.2021

Note:

*Sub-section 1 has been notified as on 01/04/2014.

** Sub-section 2 has been notified as on 07/12/2016 and is effective from 15/12/2016.

1. Substituted by the Companies Amendment Act 2017 :- Amendment effective from 9th february 2018

In section 391, for sub-section (2),

"**(2) 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."

the following sub-section shall be substituted, namely :-

"(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."