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of <h1>Clarification on Section 391(2) for Foreign Companies Closing in India under Companies Act, 2013 from Dec 15, 2016.</h1> The circular clarifies the application of Section 391(2) of the Companies Act, 2013, concerning the closure of business by foreign companies in India. Effective from December 15, 2016, the provisions of Chapter XX apply to foreign companies as if they were incorporated in India. The Ministry of Corporate Affairs specifies that these provisions are relevant only for foreign companies that have issued prospectuses or Indian Depository Receipts (IDRs) under Chapter XXII of the Companies Act, 2013. This clarification follows inquiries from stakeholders and is issued with the approval of the Competent Authority.
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