Section 393. Company's failure to comply with provisions of this Chapter not to affect validity of contracts, etc

393. Company's failure to comply with provisions of this Chapter not to affect validity of contracts, etc. —Any failure by a company to comply with the provisions of this Chapter shall not affect the validity of any contract, dealing or transaction entered into by the company or its liability to be sued in respect thereof, but the company shall not be entitled to bring any suit, claim any set-off, make any counterclaim or institute any legal proceeding in respect of any such contract, dealing or transaction, until the company has complied with the provisions of this Act applicable to it. 4[393A. Exemptions under this Chapter.— The Central Government may, by notification, exempt any class of— (a) foreign companies; 1. Subs. by Act 1 of 2018, s. 79, for sub-section (2) (w.e.f. 9-2-2018). 2. The words "with imprisonment for a term which may extend to six months or" omitted by Act 29 of 2020, s. 54 (w.e.f. 21-122020). 3. Subs. by s. 54, ibid ., for "fifty thousand rupees, or with both" (w.e.f. 21-12-2020). 4. Ins. by s. 55, ibid . (w.e.f. 22-1-2021). (b) companies incorporated or to be incorporated outside India, whether the company has or has not established, or when formed may or may not establish, a place of business in India, as may be specified in the notification, from any of the provisions of this Chapter and a copy of every such notification shall, as soon as may be after it is made, be laid before both Houses of Parliament.]