Section 202 - Undischarged insolvent not to manage companies. - Companies Act, 1956

Prevention of management by undesirable persons Undischarged insolvent not to manage companies. 202. (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. ---------------------------------- Notes:- [1] Omitted by the Companies (Amendment) Act, 2000 as provisions relating to managing agents, secretaries and treasures had become redundant after abolition of system by Act 17 of 1969. [2] Substituted for "five thousand rupees" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000.