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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