Section 393 Company’s failure to comply with provisions of this Chapter not to affect validity of contracts, etc
- Amendments
- 1
- Last changed
- 22 January 2021
393. Company’s failure to comply with provisions of this Chapter not to affect validity of contracts, etc.—
Any failure by a company to comply with the provisions of this Chapter shall not affect the validity of any contract, dealing or transaction entered into by the company or its liability to be sued in respect thereof, but the company shall not be entitled to bring any suit, claim any set-off, make any counter-claim or institute any legal proceeding in respect of any such contract, dealing or transaction, until the company has complied with the provisions of this Act applicable to it.
Inserted by Companies (Amendment) Act, 2020, s. 55, with effect from 22 January 2021393A. Exemptions under this Chapter.—
Inserted by Companies (Amendment) Act, 2020, s. 55, with effect from 22 January 2021The Central Government may, by notification, exempt any class of—
Inserted by Companies (Amendment) Act, 2020, s. 55, with effect from 22 January 2021(a) foreign companies;
Inserted by Companies (Amendment) Act, 2020, s. 55, with effect from 22 January 2021(b) 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,
Inserted by Companies (Amendment) Act, 2020, s. 55, with effect from 22 January 2021as may be specified in the notification, from any of the provisions of this Chapter and a copy of every such notification shall, as soon as may be after it is made, be laid before both Houses of Parliament.