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of <h1>Individuals Face Criminal Liability for False Prospectus Statements Under Section 63 of Companies Act, 1956</h1> Under Section 63 of the Companies Act, 1956, individuals who authorize the issuance of a prospectus containing untrue statements face criminal liability. They may be punished with imprisonment for up to two years, a fine up to fifty thousand rupees, or both, unless they can prove the statement was immaterial or they had reasonable grounds to believe it was true. Merely providing consent for the inclusion of a statement as an expert, as required by sections 58 or 60, does not constitute authorization of the prospectus under this section.
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