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of <h1>Public Companies Must Follow Section 60B of Companies Act 1956 for Issuing Securities via Information Memorandum</h1> Section 60B of the Companies Act, 1956, outlines the procedures for public companies issuing securities through an information memorandum. Companies must file a prospectus before opening subscription lists, with obligations similar to a prospectus. Any variations between the information memorandum and the red-herring prospectus must be highlighted and communicated to potential subscribers. Companies and underwriters cannot cash advance subscriptions before the issue opens without notifying subscribers of variations and allowing withdrawal. Applications processed without proper notification are void, entitling applicants to refunds. A final prospectus detailing total capital raised must be filed post-offer closure.
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