As per Section 28 of Indian Companies Act 2013 the members of the company can offer sale of shares in consultation with the board and in accordance with the provisions in the Companies Act. Provision in the Indian Companies Act 2013 regarding offer of sale of shares by certain members of the company is as under.
(1) Where certain members of a company propose, in consultation with
the Board of Directors to offer, in accordance with the provisions
of any law for the time being in force, whole or part of their
holding of shares to the public, they may do so in accordance with
such procedure as may be prescribed.
(2) Any document by which the offer of sale to the public is made
shall, for all purposes, be deemed to be a prospectus issued by the
company and all laws and rules made thereunder as to the contents of
the prospectus and as to liability in respect of mis-statements in
and omission from prospectus or otherwise relating to prospectus
shall apply as if this is a prospectus issued by the company.
(3) The members, whether individuals or bodies corporate or both,
whose shares are proposed to be offered to the public, shall
collectively authorise the company, whose shares are offered for
sale to the public, to take all actions in respect of offer of sale
for and on their behalf and they shall reimburse the company all
expenses incurred by it on this matter.
How to execute bills of exchange etc Section 22 of Indian Companies Act 2013
Public offer of securities should be in dematerialized form. Section 29 of Indian Companies Act 2013
What is the punishment for personation etc of securities Section 38 of Indian Companies Act 2013
How to allot securities by Company What the is process Section 39 of Indian Companies Act 2013