Applicability of companies act to foreign companies
This query is : Open
10 October 2012
Is companies act 1956 applicable to foreign companies? Does foreign companies need to maintain books of accounts as per provisions of companies act?
11 October 2012
Sec 591 - Application of sections 592 to 602 to foreign companies.
(1) Sections 592 to 602, both inclusive, shall apply to all foreign companies, that is to say, companies falling under the following two classes, namely:-
(a) companies incorporated outside India which, after the commencement of this Act, establish a place of business within India; and
(b) companies incorporated outside India which have, before the commencement of this Act, established a place of business within India and continue to have an established place of business within India at the commencement of this Act.
therefore foreign companies need to maintain accounts as per provisions contained u/s 594.
(1) Sections 592 to 602, both inclusive, shall apply to all foreign companies, that is to say, companies falling under the following two classes, namely:-
(a) companies incorporated outside India which, after the commencement of this Act, establish a place of business within India; and
(b) companies incorporated outside India which have, before the commencement of this Act, established a place of business within India and continue to have an established place of business within India at the commencement of this Act.
therefore foreign companies need to maintain accounts as per provisions contained u/s 594.
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