1[(1) Sections 380 to 386 (both inclusive) and sections 392 and 393 shall apply to all foreign companies:

2* * * * *

3[(2)] Where not less than fifty per cent. of the paid-up share capital, whether equity or preference or partly equity and partly preference, of a foreign company is held by one or more citizens of India or by one or more companies or bodies corporate incorporated in India, or by one or more citizens of India and one or more companies or bodies corporate incorporated in India, whether singly or in the aggregate, such company shall comply with the provisions of this Chapter and such other provisions of this Act as may be prescribed with regard to the business carried on by it in India as if it were a company incorporated in India.

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Footnote -

1. Ins. by Act 1 of 2018, s. 77 (w.e.f. 9-2-2018).

2. The Proviso omitted by Act 29 of 2020, s. 53 (w.e.f. 22-1-2021).

3. Section 379 renumbered as sub-section (2) thereof by s. 77, ibid. (w.e.f. 9-2-2018).