Companies Act Section 384 — Debentures, annual return, registration of charges, books of account and their inspection
CHAPTER XXII COMPANIES INCORPORATED OUTSIDE INDIA
Commercial / Corporate
Summary
Sub-section (1) applies the rules of section 71 to a foreign company in the same way, with necessary changes, as they apply to an Indian company. Section 71 deals with the issue and redemption of debentures.
Sub-section (2) applies the provisions of section 92 and section 135 to a foreign company, just as they apply to an Indian company, but with exceptions, modifications, and adaptations that may be set out in rules made under this Act. Section 92 deals with the annual return, and section 135 deals with corporate social responsibility.
Sub-section (3) requires a foreign company to keep books of account at its principal place of business in India, covering money received and spent, sales and purchases made, and assets and liabilities, in the course of or related to its business in India. This is to the extent required by section 128.
Sub-section (4) applies the provisions of Chapter VI to charges on properties that are created or acquired by a foreign company, in the same way with necessary changes. Chapter VI deals with registration of charges.
Sub-section (5) applies the provisions of Chapter XIV to the Indian business of a foreign company, in the same way with necessary changes, as they apply to an Indian company. Chapter XIV deals with inspection, inquiry, and investigation.
Official Text
(1) The provisions of section 71 shall apply mutatis mutandis to a foreign company.
(2) The provisions of section 92 1[and section 135] shall, subject to such exceptions, modifications and adaptations as may be made therein by rules made under this Act, apply to a foreign company as they apply to a company incorporated in India.
(3) The provisions of section 128 shall apply to a foreign company to the extent of requiring it to keep at its principal place of business in India, the books of account referred to in that section, with respect to monies received and spent, sales and purchases made, and assets and liabilities, in the course of or in relation to its business in India.
(4) The provisions of Chapter VI shall apply mutatis mutandis to charges on properties which are created or acquired by any foreign company.
(5) The provisions of Chapter XIV shall apply mutatis mutandis to the Indian business of a foreign company as they apply to a company incorporated in India.