Indian Bare Acts

The Companies Act, 1956

Title : The Companies Act, 1956

Year : 1956

Sec 59   -     Penalty and interpretation.

    (1) If any prospectus is issued in contravention of section 57 or 58, the company, and every person, who is knowingly a party to the issue thereof, shall be punishable with fine which may extend to fifty thousand rupees.

    (2) In sections 57 and 58, the expression " expert " includes an engineer, a valuer, an accountant and any other person whose profession gives authority to a statement made by him.

Last updated on May, 2015

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