Quick Summary
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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