When prospectus is not required to be issued u/s. 56:

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  1. Where the shares and debentures are not offered to public [section 56(3)(b)]
  2. Where the offer is made in connection with a bonafide invitation to a person to enter into an undertaking agreement with respect to shares/debentures [section 56(3)(a)]
  3. Where the offer is made to the existing members/debenture holders of the company [section 56(5)(a)]
  4. In the case of issue of shares or debentures which in all respect similar required to specify the contents of the Memorandum of Association.
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