Section 376 of the Companies Act, 2013
Section 376 of the Companies Act, 2013 deals with:
Power to Wind Up Foreign Companies
🧾 Bare Summary of Section 376:
Section 376 empowers the Central Government to make rules for winding up of unregistered or foreign companies in such manner as may be prescribed, as far as applicable, in the same way as Indian companies under the Act.
✅ Key Points:
Applicability:
Applies to unregistered companies including foreign companies operating in India.
These may not be incorporated under the Companies Act, 2013, but are carrying on business in India.
Rule-Making Power:
The Central Government is authorized to prescribe specific rules for their winding up.
Reference to Other Provisions:
Such rules may be consistent with or adapted from the provisions applicable to companies incorporated in India, as far as practicable.
🏛️ Purpose:
To ensure that foreign companies or unregistered entities doing business in India can also be subject to orderly winding up, protecting the interests of creditors, investors, and other stakeholders.
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