Companies Act, 1956
Section - 59 - Penalty and interpretation
Penalty and interpretation.59. (1) If any prospectus is issued in contravention of section or , the company, and every person, who is knowingly a party to the issue thereof, shall be punishable with fine which may extend to [fifty] thousand rupees.(2) In sections and , the expression "expert" includes an engineer, a valuer, an accountant and any other person whose profession gives authority to a statement made by him.
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