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Section 202 – The Companies Act,1956

The Companies Act, 1956

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 1[***] 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 2[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.

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1. The words “managing agent, secretaries and treasurers, or” omitted by Act 53 of 2000, sec. 88 (w.e.f. 13-12-2000).

2. Subs. by Act 53 of 2000, sec. 88, for “five thousand rupees” (w.e.f. 13-12-2000).

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The Companies Act, 1956

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