According to section 63, where a prospectus contains an untrue statement, every person authorising its issue be punishable:


(i)                   With imprisonment for a term upto 2 years; or

(ii)                 With fine upto Rs. 50,000; or

(iii)                With both imprisonment and fine

However, an expert is not criminally liable in respect of mis-statement in the prospectus.

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