MCA exempts Foreign Companies from Dating of Prospectus, provisions as to Experts Consent, and Allotments [Read Notification]

The Ministry of Corporate Affairs(MCA) exempted foreign companies from dating the prospectus, provisions as to experts consent, and allotments.

In exercise of the powers conferred by section 393A of the Companies Act, 2013, the Central Government exempted, from the provisions of sections 387 to 392 (both inclusive), the 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, insofar as they relate to the offering for subscription in the securities, requirements related to the prospectus, and all matters incidental thereto in the International Financial Services Centres set up under section 18 of the Special Economic Zones Act, 2005.

Section 387 to 392 of the Companies Act 2013 deals with the dating of prospectus and provisions as to experts’ consent and allotment, the registration of prospectus, the offer of India depository receipts, and the punishment for contravention.

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