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of <h1>Companies Must Obtain Stock Exchange Permission Before Public Share Offer Under Section 73 Companies Act, 1956</h1> Section 73 of the Companies Act, 1956 mandates that companies intending to offer shares or debentures to the public must apply for permission from recognized stock exchanges before issuing a prospectus. If permission is not granted within ten weeks of closing the subscription, any allotment made is void, unless an appeal is pending. Companies must repay received monies if permission is not obtained, with interest if delayed. Funds must be kept in a separate bank account until permission is granted. Non-compliance can result in fines and, for prolonged delays, imprisonment for responsible officers.
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