Criminal liability for mis-statements in prospectus

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Full Text of the Document

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.... issue of the prospectus shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to [2][fifty thousand rupees], or with both, unless he proves either that the statement was immaterial or that he had reasonable ground to believe, and did up to the time of the issue of the prospectus believe, that the statement was true. (2) A person shall not b....