Prohibition of allotment in certain cases unless statement in lieu of prospectus delivered to Registrar.

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..... hare capital, which does not issue a prospectus on or with reference to its formation, or which has issued such a prospectus but has not proceeded to allot any of the shares offered to the public for subscription, shall not allot any of its shares or debentures unless at least three days before the first allotment of either shares or debentures, there has been delivered to the Registrar for regist .....

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..... nt signed by those persons, setting out the adjustments and giving the reasons thereof. (3) This section shall not apply to a private company. (4) If a company acts in contravention of sub-section (1) or (2), the company, and every director of the company who wilfully authorises or permits the contravention, shall be punishable with fine which may extend to [1] [ten thousand rupees]. (5) .....

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..... is included; and (b) where the omission from a statement in lieu of prospectus of any matter is calculated to mislead, the statement in lieu of prospectus shall be deemed, in respect of such omission, to be a statement in lieu of prospectus in which an untrue statement is included. (7) For the purposes of sub-section (5) and clause (a) of sub-section (6), the expression "included", when .....

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