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of <h1>Criminal Liability Under Section 34 for Misleading Prospectus Statements; Defense Possible if Misstatement Deemed Immaterial or Justified.</h1> Section 34 of the Companies Act, 2013, establishes criminal liability for any person who authorizes the issuance of a prospectus containing untrue or misleading statements. If such misstatements or omissions are likely to mislead, the responsible parties are liable under section 447. However, liability does not apply if the person can prove the misstatement or omission was immaterial or that they had reasonable grounds to believe the information was true or necessary at the time of the prospectus's issuance.
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