Amendment status not verified — confirm the current text below against the official source.
(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 [x x x x] 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 [fifty thousand rupees], or with both. (2) In this section, "company" includes-- (a) an unregistered company; and (b) a body corporate incorporated outside India, which has an established place of business within India.