Public Deposits - Provisions of prospectus to apply to advertisement ‑ Scope and extent of application of the section explained

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... isement ‑ Scope and extent of application of the section explained I am directed to say that certain doubts seem to exist with regard to the scope and extent of application of the recently enacted section 58B. It has, therefore, been considered desirable to clarify the position in this behalf. Section 58B of the Act runs as follows : The provisions of this Act relating to a prospec .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... specific provision has been made in section 58A or in the Acceptance of Deposits Rules, the corresponding provisions in the Act relating to prospectus would not apply to the advertisement. To illustrate, according to section 56(1), every prospectus is required to contain information on the matters specified in Schedule II. This requirement will not apply to an advertisement for deposits because r .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X