Prospectus dating and disclosure: mandatory particulars for offers of foreign company securities; waiver clauses voided. Prospectuses for offers of shares or debentures by companies incorporated outside India must be dated and contain specified particulars about the company's constitution, governing enactments, an Indian inspection address (with certified translation if not in English), incorporation date and country, and whether a place of business in India exists; they must also include the matters and reports required by Schedule II (subject to its provisions). Any clause purporting to compel an applicant to waive compliance with these disclosure requirements is void, and application forms in India must accompany a compliant prospectus except in bona fide underwriting invitations.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Prospectus dating and disclosure: mandatory particulars for offers of foreign company securities; waiver clauses voided.
Prospectuses for offers of shares or debentures by companies incorporated outside India must be dated and contain specified particulars about the company's constitution, governing enactments, an Indian inspection address (with certified translation if not in English), incorporation date and country, and whether a place of business in India exists; they must also include the matters and reports required by Schedule II (subject to its provisions). Any clause purporting to compel an applicant to waive compliance with these disclosure requirements is void, and application forms in India must accompany a compliant prospectus except in bona fide underwriting invitations.
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