As per Section 31 of Indian Companies Act 2013 a Company can issue shelf prospectus subject to fulfilling the conditions mentioned in the section. Provision in the Indian Companies Act 2013 regarding issue of shelf Prospectus is as under.
(1) Any class or classes of companies, as the Securities and
Exchange Board may provide by regulations in this behalf, may file a
shelf prospectus with the Registrar at the stage of the first offer
of securities included therein which shall indicate a period not
exceeding one year as the period of validity of such prospectus
which shall commence from the date of opening of the first offer of
securities under that prospectus, and in respect of a second or
subsequent offer of such securities issued during the period of
validity of that prospectus, no further prospectus is required.
(2) A company filing a shelf prospectus shall be required to file an
information memorandum containing all material facts relating to new
charges created, changes in the financial position of the company as
have occurred between the first offer of securities or the previous
offer of securities and the succeeding offer of securities and such
other changes as may be prescribed, with the Registrar within the
prescribed time, prior to the issue of a second or subsequent offer
of securities under the shelf prospectus:
Provided that where a company or any other person has received
applications for the allotment of securities along with advance
payments of subscription before the making of any such change, the
company or other person shall intimate the changes to such
applicants and if they express a desire to withdraw their
application, the company or other person shall refund all the monies
received as subscription within fifteen days thereof.
(3) Where an information memorandum is filed, every time an offer of
securities is made under subsection (2), such memorandum together
with the shelf prospectus shall be deemed to be a prospectus.
Explanation.-- For the purposes of this section, the expression
"shelf prospectus" means a prospectus in respect of which the
securities or class of securities included therein are issued for
subscription in one or more issues over a certain period without the
issue of a further prospectus.
How to execute bills of exchange etc Section 22 of Indian Companies Act 2013
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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