202. Undischarged insolvent not to manage companies.
If any person, being an undischarged insolvent,-
discharges any of the functions of a director, or acts as or discharges any of the functions of the managing agent, secretaries and treasurers, or manager, of any company; or
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 five thousand rupees, or with both.
In this section," company" includes-
an unregistered company; and
a body corporate incorporated outside India, which has an established place of business within India.