1. The provisions of section 71 shall apply mutatis mutandis to a foreign company.
2. The provisions of section 92 shall, subject to such exceptions, modifications and adaptations as may be made therein by rules made under this Act, apply to a foreign company as they apply to a company incorporated in India.
3. The provisions of section 128 shall apply to a foreign company to the extent of requiring it to keep at its principal place of business in India, the books of account referred to in that section, with respect to monies received and spent, sales and purchases made, and assets and liabilities, in the course of or in relation to its business in India.
4. The provisions of Chapter VI shall apply mutatis mutandis to charges on properties which are created or acquired by any foreign company.
5. The provisions of Chapter XIV shall apply mutatis mutandis to the Indian business of a foreign company as they apply to a company incorporated in India.
Legal Commentary & Landmark Judgments: Section 384
Section 384 extends vital domestic governance disciplines to foreign companies, mandating statutory compliance regarding debentures, annual returns, registration of charges over Indian assets, and the maintenance and inspection of books of account.
Lenders extending credit facilities to foreign companies against hypothecation or mortgage of assets situated in India must register the charge on Form CHG-1 with the Registrar of Companies within 30 days. Pleading that the borrower is an overseas entity provides zero defense against the statutory invalidation of an unregistered charge under Section 77 read with Section 384.