Contract validity unaffected by noncompliance: foreign company barred from suing until statutory requirements are satisfied. Failure by a foreign company to comply with the Part does not affect the validity of its contracts or its liability to be sued; however, the company ... Summary
Referred In :
Foreign Exchange Management (Establishment In India of Branch Or Office or Other Place of Business) Regulations, 2000
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Contract validity unaffected by noncompliance: foreign company barred from suing until statutory requirements are satisfied.
Failure by a foreign company to comply with the Part does not affect the validity of its contracts or its liability to be sued; however, the company cannot bring suits, claim set offs, make counterclaims or initiate legal proceedings in relation to those contracts or transactions until it has complied with the Part's requirements.
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