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.
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