Insertion of new Chapter XII-BB.

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.... COMPANY      115JG. Conversion of an Indian branch of Foreign Company into subsidiary Indian company.-(1) Where a foreign company is engaged in the business of banking in India through its branch situate in India and such branch is converted into a subsidiary company thereof, being an Indian company (hereafter referred to as an Indian subsidiary company) in accordance with ....

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....idiary company shall apply with such exceptions, modifications and adaptations as may be specified in that notification.       (2) In case of failure to comply with any of the conditions specified in the scheme or in the notification issued under sub-section (1), all the provisions of this Act shall apply to the foreign company and the said Indian subsidiary company wit....