The Ministry of Corporate Affairs vide its notification dated 5th August 2021 has exempted foreign companies and 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 from the provision of sections 387 to 392.
Section 387 to 392 of the Companies Act 2013 deals with dating of prospectus and provisions as to experts consent and allotment, the registration of prospectus, offer of India depository receipts and the punishment for contravention.
