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of <h1>Misleading prospectus statements causing subscriber losses: directors, promoters and experts face joint damages liability; fraud triggers unlimited liability</h1> Creates civil compensation liability for losses caused to subscribers who relied on a prospectus containing a misleading statement or a misleading inclusion or omission. The company and specified persons-directors at issue, named or proposed directors, promoters, persons authorising issue, and relevant experts-are jointly liable to compensate affected subscribers, without prejudice to criminal liability under section 36, resulting in a statutory right to damages against these parties. Provides defences where a person proves withdrawal of consent before issue, lack of knowledge/consent with prompt public notice, or due diligence regarding expert statements and consent up to filing with the Registrar or, to the defendant's knowledge, before allotment, thereby excluding liability. If the prospectus is issued with intent to defraud or for a fraudulent purpose, those persons incur unlimited personal liability for resulting losses.
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