Amended and updated notes on section 379 of Companies Act 2013. Detail discussion on provisions and rules related to application of Act to foreign companies.
Chapter XXII (Section 379–393) of the Companies Act, 2013 (CA 2013) deals with the provisions related to companies incorporated outside India. Section 379 of CA 2013 provides for application of Act to foreign companies.
Recently, we have discussed in detail section 378 (Saving and construction of enactments conferring power to wind up partnership firm, association or company, etc., in certain cases) of CA 2013. Today, we learn the provisions of section 379 of the Companies Act 2013.
The provisions of section 379 are effective from 12th September, 2013. You may refer Notification No. S.O. 2754(E) issued dated 12-09-2013. In this article, you will learn detail of the provisions of section 379 the Companies Act 2013.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | XXII |
| Chapter Name | Accounts of Companies |
| Section No. | 379 |
| Section Name | Application of Act to foreign companies |
| Monthly Updated Edition | Company Law PDF |
Section 379: Application of Act to foreign companies
Section 379 shall come into force on 12th September, 2013 vide Notification No. S.O. 2754(E) dated 12.09.2013 and last amendment is effective from 22nd January, 2021.
Section 379(1) of Companies Act
Sections 380 to 386 (both inclusive) and sections 392 and 393 shall apply to all foreign companies:
Provided that the Central Government may, by Order published in the Official Gazette, exempt any class of foreign companies, specified in the Order, from any of the provisions of sections 380 to 386 and sections 392 and 393 and a copy of every such Order shall, as soon as may be after it is made, be laid before both Houses of Parliament. [This proviso has been omitted w.e.f. 22.01.2021 by the Companies (Amendment) Act, 2020 vide MCA Notification No. S.O. 325(E) dated the 22nd January, 2021]
Section 379(2) of Companies Act
Where not less than fifty per cent. of the paid-up share capital, whether equity or preference or partly equity and partly preference, of a foreign company is held by one or more citizens of India or by one or more companies or bodies corporate incorporated in India, or by one or more citizens of India and one or more companies or bodies corporate incorporated in India, whether singly or in the aggregate, such company shall comply with the provisions of this Chapter and such other provisions of this Act as may be prescribed with regard to the business carried on by it in India as if it were a company incorporated in India.