LawgistThe Companies Act
34Criminal liability for mis-statements in prospectus
Where a prospectus, issued, circulated or distributed under this Chapter, includes any statement which is untrue or misleading in form or context in which it is included or where any inclusion or omission of any matter is likely to mislead, every person who authorises the issue of such prospectus shall be liable under section 447:
Provided that nothing in this section shall apply to a person if he proves that such statement or omission was immaterial or that he had reasonable grounds to believe, and did up to the time of issue of the prospectus believe, that the statement was true or the inclusion or omission was necessary.
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PART I.--Public offer
- 23 Public offer and private placement
- 24 Power of Securities and Exchange Board to regulate issue and transfer of securities, etc
- 25 Document containing offer of securities for sale to be deemed prospectus
- 26 Matters to be stated in prospectus
- 27 Variation in terms of contract or objects in prospectus
- 28 Offer of sale of shares by certain members of company
- 29 Public offer of securities to be in dematerialised form
- 30 Advertisement of prospectus
- 31 Shelf prospectus
- 32 Red herring prospectus
- 33 Issue of application forms for securitie
- 34 Criminal liability for mis-statements in prospectus
- 35 Civil liability for mis-statements in prospectus
- 36 Punishment for fraudulently inducing persons to invest money
- 37 Action by affected persons
- 38 Punishment for personation for acquisition, etc., of securitie
- 39 Allotment of securities by company
- 40 Securities to be dealt with in stock exchanges
- 41 Global depository receipt
