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Undischarged insolvent not to manage companies.

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....discharges any of the functions of the [1][* * *] manager, of any company; or      (b) directly or indirectly takes part or is concerned in the promotion, formation or management of any company; he shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to [2][fifty thousand rupees], or with both.     ....

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Undischarged insolvent not to manage companies.