CHAPTER III 

PROSPECTUS AND ALLOTMENT OF SECURITIES 

PART I.—Public offer

 

 
 

23.Document containing offer of securities for sale to be deemed prospectus.

 
(1) A public company may issue securities—
(a) to public through prospectus (herein referred to as "public offer") by
complying with the provisions of this Part; or
(b) through private placement by complying with the provisions of Part II of this
Chapter; or
(c) through a rights issue or a bonus issue in accordance with the provisions of
this Act and in case of a listed company or a company which intends to get its
securities listed also with the provisions of the Securities and Exchange Board of India
Act, 1992 and the rules and regulations made thereunder.
(2) A private company may issue securities—
(a) by way of rights issue or bonus issue in accordance with the provisions of
this Act; or
(b) through private placement by complying with the provisions of Part II of this Chapter.
Explanation.—For the purposes of this Chapter, "public offer" includes initial public
offer or further public offer of securities to the public by a company, or an offer for sale of
securities to the public by an existing shareholder, through issue of a prospectus.
 
 
 

24.Public offer and private placement.

 
(1) The provisions contained in this Chapter, Chapter IV and in section 127 shall,—
(a) in so far as they relate to —
(i) issue and transfer of securities; and
(ii) non-payment of dividend,
by listed companies or those companies which intend to get their securities listed on
any recognised stock exchange in India, except as provided under this Act, be administered
by the Securities and Exchange Board by making regulations in this behalf;
(b) in any other case, be administered by the Central Government.
Explanation.—For the removal of doubts, it is hereby declared that all powers relating
to all other matters relating to prospectus, return of allotment, redemption of preference
shares and any other matter specifically provided in this Act, shall be exercised by the
Central Government, the Tribunal or the Registrar, as the case may be.
(2) The Securities and Exchange Board shall, in respect of matters specified in subsection
(1) and the matters delegated to it under proviso to sub-section (1) of section 458,
exercise the powers conferred upon it under sub-sections (1), (2A), (3) and (4) of section 11,
sections 11A, 11B and 11D of the Securities and Exchange Board of India Act, 1992.
 
 
 

25.Power of Securities and Exchange Board to regulate issue and transfer of securities, etc.

 
(1) Where a company allots or agrees to allot any securities of the company with
a view to all or any of those securities being offered for sale to the public, any document by
which the offer for sale to the public is made shall, for all purposes, be deemed to be a
prospectus issued by the company; and all enactments and rules of law as to the contents of
prospectus and as to liability in respect of mis-statements, in and omissions from, prospectus,
or otherwise relating to prospectus, shall apply with the modifications specified in subsections
(3) and (4) and shall have effect accordingly, as if the securities had been offered
to the public for subscription and as if persons accepting the offer in respect of any securities
were subscribers for those securities, but without prejudice to the liability, if any, of the
persons by whom the offer is made in respect of mis-statements contained in the document
or otherwise in respect thereof.
(2) For the purposes of this Act, it shall, unless the contrary is proved, be evidence
that an allotment of, or an agreement to allot, securities was made with a view to the securities
being offered for sale to the public if it is shown—
(a) that an offer of the securities or of any of them for sale to the public was made
within six months after the allotment or agreement to allot; or
(b) that at the date when the offer was made, the whole consideration to be
received by the company in respect of the securities had not been received by it.
(3) Section 26 as applied by this section shall have effect as if —
(i) it required a prospectus to state in addition to the matters required by that
section to be stated in a prospectus—
(a) the net amount of the consideration received or to be received by the
company in respect of the securities to which the offer relates; and
(b) the time and place at which the contract where under the said securities
have been or are to be allotted may be inspected;
(ii) the persons making the offer were persons named in a prospectus as directors
of a company.
(4) Where a person making an offer to which this section relates is a company or a firm,
it shall be sufficient if the document referred to in sub-section (1) is signed on behalf of the
company or firm by two directors of the company or by not less than one-half of the partners
in the firm, as the case may be.
 
 
 

26.Matters to be stated in prospectus.

 
(1) Every prospectus issued by or on behalf of a public company either with
reference to its formation or subsequently, or by or on behalf of any person who is or has
been engaged or interested in the formation of a public company, shall be dated and signed
and shall—
(a) state the following information, namely:—
(i) names and addresses of the registered office of the company, company
secretary, Chief Financial Officer, auditors, legal advisers, bankers, trustees, if
any, underwriters and such other persons as may be prescribed;
(ii) dates of the opening and closing of the issue, and declaration about
the issue of allotment letters and refunds within the prescribed time;
(iii) a statement by the Board of Directors about the separate bank account
where all monies received out of the issue are to be transferred and disclosure of
details of all monies including utilised and unutilised monies out of the previous
issue in the prescribed manner;
(iv) details about underwriting of the issue;
(v) consent of the directors, auditors, bankers to the issue, expert’s opinion,
if any, and of such other persons, as may be prescribed;
(vi) the authority for the issue and the details of the resolution passed
therefor;
(vii) procedure and time schedule for allotment and issue of securities;
(viii) capital structure of the company in the prescribed manner;
(ix) main objects of public offer, terms of the present issue and such other
particulars as may be prescribed;
(x) main objects and present business of the company and its location,
schedule of implementation of the project;
(xi) particulars relating to—
(A) management perception of risk factors specific to the project;
(B) gestation period of the project;
(C) extent of progress made in the project;
(D) deadlines for completion of the project; and
(E) any litigation or legal action pending or taken by a Government
Department or a statutory body during the last five years immediately
preceding the year of the issue of prospectus against the promoter of the
company;
(xii) minimum subscription, amount payable by way of premium, issue of
shares otherwise than on cash;
(xiii) details of directors including their appointments and remuneration,
and such particulars of the nature and extent of their interests in the company as
may be prescribed; and
(xiv) disclosures in such manner as may be prescribed about sources of
promoter’s contribution;
(b) set out the following reports for the purposes of the financial information,
namely:—
(i) reports by the auditors of the company with respect to its profits and
losses and assets and liabilities and such other matters as may be prescribed;
(ii) reports relating to profits and losses for each of the five financial years
immediately preceding the financial year of the issue of prospectus including
such reports of its subsidiaries and in such manner as may be prescribed:
Provided that in case of a company with respect to which a period of five
years has not elapsed from the date of incorporation, the prospectus shall set
out in such manner as may be prescribed, the reports relating to profits and
losses for each of the financial years immediately preceding the financial year of
the issue of prospectus including such reports of its subsidiaries;
(iii) reports made in the prescribed manner by the auditors upon the
profits and losses of the business of the company for each of the five financial
years immediately preceding issue and assets and liabilities of its business on
the last date to which the accounts of the business were made up, being a date
not more than one hundred and eighty days before the issue of the prospectus:
Provided that in case of a company with respect to which a period of five
years has not elapsed from the date of incorporation, the prospectus shall set
out in the prescribed manner, the reports made by the auditors upon the profits
and losses of the business of the company for all financial years from the date of
its incorporation, and assets and liabilities of its business on the last date before
the issue of prospectus; and
(iv) reports about the business or transaction to which the proceeds of the
securities are to be applied directly or indirectly;
(c) make a declaration about the compliance of the provisions of this Act and a
statement to the effect that nothing in the prospectus is contrary to the provisions of
this Act, the Securities Contracts (Regulation) Act, 1956 and the Securities and Exchange
Board of India Act, 1992 and the rules and regulations made thereunder; and
(d) state such other matters and set out such other reports, as may be prescribed.
(2) Nothing in sub-section (1) shall apply—
(a) to the issue to existing members or debenture-holders of a company, of
a prospectus or form of application relating to shares in or debentures of the
company, whether an applicant has a right to renounce the shares or not under
sub-clause (ii) of clause (a) of sub-section (1) of section 62 in favour of any
other person; or
(b) to the issue of a prospectus or form of application relating to shares or
debentures which are, or are to be, in all respects uniform with shares or debentures
previously issued and for the time being dealt in or quoted on a recognised
stock exchange.
(3) Subject to sub-section (2), the provisions of sub-section (1) shall apply to a
prospectus or a form of application, whether issued on or with reference to the formation of
a company or subsequently.
Explanation.—The date indicated in the prospectus shall be deemed to be the date of
its publication.
(4) No prospectus shall be issued by or on behalf of a company or in relation to an
intended company unless on or before the date of its publication, there has been delivered to
the Registrar for registration, a copy thereof signed by every person who is named therein as
a director or proposed director of the company or by his duly authorised attorney.
(5) A prospectus issued under sub-section (1) shall not include a statement purporting
to be made by an expert unless the expert is a person who is not, and has not been, engaged
or interested in the formation or promotion or management, of the company and has given
his written consent to the issue of the prospectus and has not withdrawn such consent
before the delivery of a copy of the prospectus to the Registrar for registration and a statement
to that effect shall be included in the prospectus.
(6) Every prospectus issued under sub-section (1) shall, on the face of it,—
(a) state that a copy has been delivered for registration to the Registrar as
required under sub-section (4); and
(b) specify any documents required by this section to be attached to the copy so
delivered or refer to statements included in the prospectus which specify these
documents.
(7) The Registrar shall not register a prospectus unless the requirements of this section
with respect to its registration are complied with and the prospectus is accompanied by the
consent in writing of all the persons named in the prospectus.
(8) No prospectus shall be valid if it is issued more than ninety days after the date on
which a copy thereof is delivered to the Registrar under sub-section (4).
(9) If a prospectus is issued in contravention of the provisions of this section, the
company shall be punishable with fine which shall not be less than fifty thousand rupees but
which may extend to three lakh rupees and every person who is knowingly a party to the
issue of such prospectus shall be punishable with imprisonment for a term which may extend
to three years or with fine which shall not be less than fifty thousand rupees but which may
extend to three lakh rupees, or with both.
 
 
 
 

27.Variation in terms of contract or objects in prospectus.

 
(1) A company shall not, at any time, vary the terms of a contract referred to in the
prospectus or objects for which the prospectus was issued, except subject to the approval
of, or except subject to an authority given by the company in general meeting by way of
special resolution:
Provided that the details, as may be prescribed, of the notice in respect of such
resolution to shareholders, shall also be published in the newspapers (one in English and
one in vernacular language) in the city where the registered office of the company is situated
indicating clearly the justification for such variation:
Provided further that such company shall not use any amount raised by it through
prospectus for buying, trading or otherwise dealing in equity shares of any other listed company.
(2) The dissenting shareholders being those shareholders who have not agreed to the
proposal to vary the terms of contracts or objects referred to in the prospectus, shall be
given an exit offer by promoters or controlling shareholders at such exit price, and in such
manner and conditions as may be specified by the Securities and Exchange Board by making
regulations in this behalf.
 
 
 
 

28.Offer of sale of shares by certain members of company.

 
(1) Where certain members of a company propose, in consultation with the Board
of Directors to offer, in accordance with the provisions of any law for the time being in force,
whole or part of their holding of shares to the public, they may do so in accordance with such
procedure as may be prescribed.
(2) Any document by which the offer of sale to the public is made shall, for all purposes,
be deemed to be a prospectus issued by the company and all laws and rules made thereunder
as to the contents of the prospectus and as to liability in respect of mis-statements in and
omission from prospectus or otherwise relating to prospectus shall apply as if this is a
prospectus issued by the company.
(3) The members, whether individuals or bodies corporate or both, whose shares are
proposed to be offered to the public, shall collectively authorise the company, whose shares
are offered for sale to the public, to take all actions in respect of offer of sale for and on their
behalf and they shall reimburse the company all expenses incurred by it on
this matter.
 
 
 
 

29.Red herring prospectus.

 
(1) Notwithstanding anything contained in any other provisions of this Act,—
(a) every company making public offer; and
(b) such other class or classes of public companies as may be prescribed,
shall issue the securities only in dematerialised form by complying with the provisions of the
Depositories Act, 1996 and the regulations made thereunder.
(2) Any company, other than a company mentioned in sub-section (1), may convert its
securities into dematerialised form or issue its securities in physical form in accordance with
the provisions of this Act or in dematerialised form in accordance with the provisions of the
Depositories Act, 1996 and the regulations made thereunder.
 
 
 
 

30.Public offer of securities to be in dematerialised form.

 
Where an advertisement of any prospectus of a company is published in any
manner, it shall be necessary to specify therein the contents of its memorandum as regards
the objects, the liability of members and the amount of share capital of the company, and the
names of the signatories to the memorandum and the number of shares subscribed for by
them, and its capital structure.
 
 
 
 

31.Advertisement of prospectus.

 
(1) Any class or classes of companies, as the Securities and Exchange Board may
provide by regulations in this behalf, may file a shelf prospectus with the Registrar at the
stage of the first offer of securities included therein which shall indicate a period not exceeding
one year as the period of validity of such prospectus which shall commence from the date of
opening of the first offer of securities under that prospectus, and in respect of a second or
subsequent offer of such securities issued during the period of validity of that prospectus,
no further prospectus is required.
(2) A company filing a shelf prospectus shall be required to file an information
memorandum containing all material facts relating to new charges created, changes in the
financial position of the company as have occurred between the first offer of securities or the
previous offer of securities and the succeeding offer of securities and such other changes as
may be prescribed, with the Registrar within the prescribed time, prior to the issue of a
second or subsequent offer of securities under the shelf prospectus:
Provided that where a company or any other person has received applications for the
allotment of securities along with advance payments of subscription before the making of
any such change, the company or other person shall intimate the changes to such applicants
and if they express a desire to withdraw their application, the company or other person shall
refund all the monies received as subscription within fifteen days thereof.
(3) Where an information memorandum is filed, every time an offer of securities is made
under sub-section (2), such memorandum together with the shelf prospectus shall be deemed
to be a prospectus.
Explanation.—For the purposes of this section, the expression "shelf prospectus"
means a prospectus in respect of which the securities or class of securities included therein
are issued for subscription in one or more issues over a certain period without the issue of a
further prospectus.
 
 
 
 

32.Shelf prospectus.

 
(1) A company proposing to make an offer of securities may issue a red herring
prospectus prior to the issue of a prospectus.
(2) A company proposing to issue a red herring prospectus under sub-section (1) shall
file it with the Registrar at least three days prior to the opening of the subscription list and the
offer.
(3) A red herring prospectus shall carry the same obligations as are applicable to a
prospectus and any variation between the red herring prospectus and a prospectus shall be
highlighted as variations in the prospectus.
(4) Upon the closing of the offer of securities under this section, the prospectus
stating therein the total capital raised, whether by way of debt or share capital, and the
closing price of the securities and any other details as are not included in the red herring
prospectus shall be filed with the Registrar and the Securities and Exchange Board.
Explanation.—For the purposes of this section, the expression "red herring
prospectus" means a prospectus which does not include complete particulars of the quantum
or price of the securities included therein.
 
 
 
 

33.Issue of application forms for securities.

 
(1) No form of application for the purchase of any of the securities of a company
shall be issued unless such form is accompanied by an abridged prospectus:
Provided that nothing in this sub-section shall apply if it is shown that the form of
application was issued—
(a) in connection with a bona fide invitation to a person to enter into an
underwriting agreement with respect to such securities; or
(b) in relation to securities which were not offered to the public.
(2) A copy of the prospectus shall, on a request being made by any person before the
closing of the subscription list and the offer, be furnished to him.
(3) If a company makes any default in complying with the provisions of this section, it
shall be liable to a penalty of fifty thousand rupees for each default.
 
 
 
 

34.Criminal liability for misstatements 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.
 
 
 
 

35.Civil liability for misstatements in prospectus.

 
(1) Where a person has subscribed for securities of a company acting on any
statement included, or the inclusion or omission of any matter, in the prospectus which is
misleading and has sustained any loss or damage as a consequence thereof, the company
and every person who—
(a) is a director of the company at the time of the issue of the prospectus;
(b) has authorised himself to be named and is named in the prospectus as a
director of the company, or has agreed to become such director, either immediately or
after an interval of time;
(c) is a promoter of the company;
(d) has authorised the issue of the prospectus; and
(e) is an expert referred to in sub-section (5) of section 26,
shall, without prejudice to any punishment to which any person may be liable under section 36, be liable to pay compensation to every person who has sustained such loss or damage.
(2) No person shall be liable under sub-section (1), if he proves—
(a) that, having consented to become a director of the company, he withdrew his
consent before the issue of the prospectus, and that it was issued without his authority
or consent; or
(b) that the prospectus was issued without his knowledge or consent, and that
on becoming aware of its issue, he forthwith gave a reasonable public notice that it
was issued without his knowledge or consent.
(3) Notwithstanding anything contained in this section, where it is proved that a
prospectus has been issued with intent to defraud the applicants for the securities of a
company or any other person or for any fraudulent purpose, every person referred to in subsection
(1) shall be personally responsible, without any limitation of liability, for all or any of
the losses or damages that may have been incurred by any person who subscribed to the
securities on the basis of such prospectus.
 
 
 
36.Punishment for fraudulently inducing persons to invest money.
 
Any person who, either knowingly or recklessly makes any statement, promise or
forecast which is false, deceptive or misleading, or deliberately conceals any material facts,
to induce another person to enter into, or to offer to enter into,—
(a) any agreement for, or with a view to, acquiring, disposing of, subscribing for,
or underwriting securities; or
(b) any agreement, the purpose or the pretended purpose of which is to secure
a profit to any of the parties from the yield of securities or by reference to fluctuations
in the value of securities; or
(c) any agreement for, or with a view to obtaining credit facilities from any bank
or financial institution,
shall be liable for action under section 447.
 
 
 
 

37.Action by affected persons.

 
A suit may be filed or any other action may be taken under section 34 or section 35
or section 36 by any person, group of persons or any association of persons affected by any
misleading statement or the inclusion or omission of any matter in the prospectus.
 
 
 
 

38.Punishment for personation for acquisition, etc., of securities.

 
(1) Any person who—
(a) makes or abets making of an application in a fictitious name to a company for
acquiring, or subscribing for, its securities; or
(b) makes or abets making of multiple applications to a company in different
names or in different combinations of his name or surname for acquiring or subscribing
for its securities; or
(c) otherwise induces directly or indirectly a company to allot, or register any
transfer of, securities to him, or to any other person in a fictitious name,
shall be liable for action under section 447.
(2) The provisions of sub-section (1) shall be prominently reproduced in every
prospectus issued by a company and in every form of application for securities.
(3) Where a person has been convicted under this section, the Court may also order
disgorgement of gain, if any, made by, and seizure and disposal of the securities in possession
of, such person.
(4) The amount received through disgorgement or disposal of securities under subsection
(3) shall be credited to the Investor Education and Protection Fund.
 
 
 
 

39.Allotment of securities by company.

 
(1) No allotment of any securities of a company offered to the public for subscription
shall be made unless the amount stated in the prospectus as the minimum amount has been
subscribed and the sums payable on application for the amount so stated have been paid to
and received by the company by cheque or other instrument.
(2) The amount payable on application on every security shall not be less than
five per cent. of the nominal amount of the security or such other percentage or amount, as
may be specified by the Securities and Exchange Board by making regulations in this behalf.
(3) If the stated minimum amount has not been subscribed and the sum payable on
application is not received within a period of thirty days from the date of issue of the
prospectus, or such other period as may be specified by the Securities and Exchange Board,
the amount received under sub-section (1) shall be returned within such time and manner as
may be prescribed.
(4) Whenever a company having a share capital makes any allotment of securities, it
shall file with the Registrar a return of allotment in such manner as may be prescribed.
(5) In case of any default under sub-section (3) or sub-section (4), the company and
its officer who is in default shall be liable to a penalty, for each default, of one thousand
rupees for each day during which such default continues or one lakh rupees, whichever is less.
 
 
 
 

40.Global depository receipt.

 
(1) Every company making public offer shall, before making such offer, make an
application to one or more recognised stock exchange or exchanges and obtain permission
for the securities to be dealt with in such stock exchange or exchanges.
(2) Where a prospectus states that an application under sub-section (1) has been
made, such prospectus shall also state the name or names of the stock exchange in which the
securities shall be dealt with.
(3) All monies received on application from the public for subscription to the securities
shall be kept in a separate bank account in a scheduled bank and shall not be utilised for any
purpose other than—
(a) for adjustment against allotment of securities where the securities have been
permitted to be dealt with in the stock exchange or stock exchanges specified in the
prospectus; or
(b) for the repayment of monies within the time specified by the Securities and
Exchange Board, received from applicants in pursuance of the prospectus, where the
company is for any other reason unable to allot securities.
(4) Any condition purporting to require or bind any applicant for securities to waive
compliance with any of the requirements of this section shall be void.
(5) If a default is made in complying with the provisions of this section, the company
shall be punishable with a fine which shall not be less than five lakh rupees but which may
extend to fifty lakh rupees and every officer of the company who is in default shall be
punishable with imprisonment for a term which may extend to one year or with fine which
shall not be less than fifty thousand rupees but which may extend to three lakh rupees, or
with both.
(6) A company may pay commission to any person in connection with the subscription
to its securities subject to such conditions as may be prescribed.
 
 
 
 

41.Securities to be dealt with in stock exchanges.

 
A company may, after passing a special resolution in its general meeting, issue
depository receipts in any foreign country in such manner, and subject to such conditions,
as may be prescribed.
 
 
 
PART II.—Private placement

 

 42.Offer or invitation for subscription of securities on private placement.

 
(1) Without prejudice to the provisions of section 26, a company may, subject to
the provisions of this section, make private placement through issue of a private placement
offer letter.
(2) Subject to sub-section (1), the offer of securities or invitation to subscribe securities,
shall be made to such number of persons not exceeding fifty or such higher number as may
be prescribed, [excluding qualified institutional buyers and employees of the company being
offered securities under a scheme of employees stock option as per provisions of clause (b)
of sub-section (1) of section 62], in a financial year and on such conditions (including the
form and manner of private placement) as may be prescribed.
Explanation I.—If a company, listed or unlisted, makes an offer to allot or invites
subscription, or allots, or enters into an agreement to allot, securities to more than the
prescribed number of persons, whether the payment for the securities has been received or
not or whether the company intends to list its securities or not on any recognised stock
exchange in or outside India, the same shall be deemed to be an offer to the public and shall
accordingly be governed by the provisions of Part I of this Chapter.
Explanation II.— For the purposes of this section, the expression—
(i) "qualified institutional buyer’’ means the qualified institutional buyer as defined
in the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirments) Regulations, 2009 as amended from time to time.
(ii) "private placement" means any offer of securities or invitation to subscribe
securities to a select group of persons by a company (other than by way of public
offer) through issue of a private placement offer letter and which satisfies the conditions
specified in this section.
(3) No fresh offer or invitation under this section shall be made unless the allotments
with respect to any offer or invitation made earlier have been completed or that offer or
invitation has been withdrawn or abandoned by the company.
(4) Any offer or invitation not in compliance with the provisions of this section shall be
treated as a public offer and all provisions of this Act, and the Securities Contracts (Regulation)
Act, 1956 and the Securities and Exchange Board of India Act, 1992 shall be required to be
complied with.
(5) All monies payable towards subscription of securities under this section shall be
paid through cheque or demand draft or other banking channels but not by cash.
(6) A company making an offer or invitation under this section shall allot its securities
within sixty days from the date of receipt of the application money for such securities and if
the company is not able to allot the securities within that period, it shall repay the application
money to the subscribers within fifteen days from the date of completion of sixty days and if
the company fails to repay the application money within the aforesaid period, it shall be liable
to repay that money with interest at the rate of twelve per cent. per annum from the expiry of the
sixtieth day:
Provided that monies received on application under this section shall be kept in a
separate bank account in a scheduled bank and shall not be utilised for any purpose other
than—
(a) for adjustment against allotment of securities; or
(b) for the repayment of monies where the company is unable to allot securities.
(7) All offers covered under this section shall be made only to such persons whose
names are recorded by the company prior to the invitation to subscribe, and that such
persons shall receive the offer by name, and that a complete record of such offers shall be
kept by the company in such manner as may be prescribed and complete information about
such offer shall be filed with the Registrar within a period of thirty days of circulation of
relevant private placement offer letter.
(8) No company offering securities under this section shall release any public
advertisements or utilise any media, marketing or distribution channels or agents to inform
the public at large about such an offer.
(9) Whenever a company makes any allotment of securities under this section, it shall
file with the Registrar a return of allotment in such manner as may be prescribed, including
the complete list of all security-holders, with their full names, addresses, number of securities
allotted and such other relevant information as may be prescribed.
(10) If a company makes an offer or accepts monies in contravention of this section,
the company, its promoters and directors shall be liable for a penalty which may extend to the
amount involved in the offer or invitation or two crore rupees, whichever is higher, and the
company shall also refund all monies to subscribers within a period of thirty days of the
order imposing the penalty.

 

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Statutory Audit

We offer comprehensive  Statutory Audit  systems maintained by trained accounting profe....

Auditing & Assurance & Advisor

We offer comprehensive Auditing & Assurance & Advisory Services systems maintained by tra....

Taxation Services

We offer comprehensive Taxation Services systems maintained by trained accounting professionals. ....

Corporate Services

We offer comprehensive Corporate Services systems maintained by trained accounting professionals.....