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of <h1>Section 35 of Companies Act 2013: Liability for Misleading Prospectus and Unlimited Personal Liability for Fraudulent Intent</h1> Section 35 of the Companies Act, 2013, addresses civil liability for misstatements in a prospectus. If a person subscribes to a company's securities based on misleading information in the prospectus and incurs loss, the company and individuals involved, such as directors, promoters, and experts, are liable for compensation. Exceptions exist if the person proves lack of consent or knowledge regarding the prospectus. If the prospectus is issued with fraudulent intent, individuals involved face unlimited personal liability for losses. Amendments in 2018 and 2019 have refined these provisions.
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