Foreign companies and companies incorporated outside India exempted from purview of sections 387 to 392 to the extent they relate to offering for subscription in the securities and requirements related to prospectus

On August 05, 2021, the Ministry of Corporate Affairs has issued a notification to exempt 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, from the provisions of sections 387 to 392 of the Companies Act, 2013 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.