(1) If any person, being an undischarged insolvent,-
(a) discharges any of the functions of a director, or acts as or discharges any of the functions of the 1[* * *] manager, of any company; or(2) In this section, "company" includes-
(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.
(a) an unregistered company; and1. The words "managing agent, secretaries and treasurers, or" omitted by Act 53 of 2000, sec. 88 (w.e.f. 13-12-2000).
(b) a body corporate incorporated outside India, which has an established place of business within India.
2. Subs. by Act 53 of 2000, sec. 88, for "five thousand rupees" (w.e.f. 13-12-2000).
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