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of <h1>Civil Liability for Misstatements in Prospectus: Directors, Promoters Held Accountable Under Section 62 of Companies Act, 1956</h1> Section 62 of the Companies Act, 1956, addresses civil liability for misstatements in a company's prospectus. It holds directors, named prospective directors, promoters, and those authorizing the prospectus liable for compensation to subscribers who suffer losses due to untrue statements. Exemptions from liability include withdrawal of consent before the prospectus issue, lack of knowledge, or reasonable belief in the truth of statements. Those liable may seek contribution from others similarly liable, except in cases of fraudulent misrepresentation. The terms 'promoter' and 'expert' are defined within the context of the Act.
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