As per Section 42 of the Companies Act, 2013, private placement shall be made only to a select group of persons who have been identified by the Board whose number shall not exceed _____

A private placement shall be made only to a select group of persons who have been identified by the Board whose number shall not exceed fifty or such higher number as may be prescribed [excluding the qualified institutional buyers and employees of the company being offered securities under ESOPs) in a financial year. For the purpose of sub-section (2) of section 42, an offer or invitation to subscribe securities under private placement shall not be made to persons more than two hundred in the aggregate in a financial year