Undischarged insolvent barred from corporate management; criminal penalties including imprisonment or fine apply for participation or acting as director. Undischarged insolvents are prohibited from performing director or managerial functions or from directly or indirectly taking part in the promotion, formation or management of a company; contravention attracts criminal sanctions of imprisonment for up to two years, or a fine, or both. For this prohibition, 'company' includes unregistered companies and foreign bodies corporate with an established place of business in India.