Section 59   [ View Judgements ]

Penalty and interpretation.

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 1[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.

1. Subs. by Act 53 of 2000, sec. 20, for "five thousand rupees" (w.e.f. 13-12-2000).

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