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of <h1>Clause 28: Members Can Offer Shares Publicly with Board Approval; Prospectus Rules Apply; Members Cover Sale Expenses.</h1> Clause 28 of the Companies Bill, 2011, addresses the procedure for certain members of a company to offer their shares to the public. Members, in consultation with the Board of Directors, may offer shares following prescribed procedures. Any document used for this offer is considered a prospectus, subject to all relevant laws regarding prospectus content and liability. The members whose shares are offered must collectively authorize the company to manage the sale on their behalf and reimburse the company for any related expenses.
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