202. UNDISCHARGED INSOLVENT NOT TO MANAGE COMPANIES

(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 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.