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.
95. Prosecution powers are exercisable by DCA & SEBI officials concurrently.
Expert to be unconnected with formation or management of company.57. A prospectus inviting persons to subscribe for shares in or debentures of a company 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 t .... To read the full section download the app from Google Play store
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