Offer or invitation for subscription of securities on private placement.

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....nvitation of securities mentioned in sub-section (1) may be made under the following conditions, namely:-           (a) the offer or invitation in a financial year, shall be made to such number of persons, excluding qualified institutional buyers, and on such conditions (including the maximum amount to be raised) as may be prescribed;           (b) the value of such offer or invitation shall be with an investment size of such amount as may be prescribed; and           (c) the company shall not issue any prospectus for such offer or invitation and such offer or invitation shall be made through a private placement o....

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....all be required to be complied with.      (5) All monies payable towards subscription of securities under this section shall be paid through cheque or demand draft or other banking channels but not by cash.      (6) A company making an offer or invitation under this section shall allot its securities within sixty days from the date of receipt of the application money for such securities and if the company is not able to allot the securities within that period, it shall repay the application money to the subscribers within fifteen days from the date of completion of sixty days and if the company fails to repay the application money within the aforesaid period, it shall be liable to repay that mon....