Indian Bare Acts

The Companies Act, 1956

Title : The Companies Act, 1956

Year : 1956

Sec202    -    Undischarged insolvent not to managecompanies.

    (1) If any person, being an undischarged insolvent,

      (a) discharges any of the functions of a director, or acts as or discharges any of the functions of the manager, of any company; or

      (b) directly or indirectly takes part or is concerned in the promotion, formation or management of any company;

    he shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to fifty thousand rupees, or with both.

    (2) In this section, " company " includes:

      (a) an unregistered company ; and

      (b) a body corporate incorporated outside India, which has an established place of business within India.

 


Last updated on May, 2015

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