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Companies Act, 1956

Sec 202    -    Undischarged insolvent not to manage companies.

(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.

Companies Act, 1956 Back

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