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of <h1>Section 56: Prospectus Content Requirements and Director Liability Under Companies Act, 1956 Explained</h1> Section 56 of the Companies Act, 1956 outlines requirements for the content of a prospectus issued by or on behalf of a company. It mandates that the prospectus must include specified matters and reports, and prohibits conditions that require applicants to waive these requirements. Application forms for shares or debentures must be accompanied by a memorandum of salient features. Non-compliance can result in fines, but directors may avoid liability if they prove lack of knowledge or honest mistakes. Exceptions include issues to existing members or uniform issues on recognized exchanges. This section does not limit liabilities under general law.
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