Question
A prospectus is valid within _____ days after the copy
of prospectus is delivered to Registrar of Companies (RoC).Solution
As per Section 26(8) of the Companies Act, 2013 : "No prospectus shall be valid if it is issued more than ninety days after the date on which a copy thereof is delivered to the Registrar under sub-section (4)." Explanation: Section 26(4) requires that a company must deliver a copy of the prospectus to the Registrar of Companies (RoC) on or before the date of its publication. Section 26(8) explicitly provides that the prospectus remains valid for a period of 90 days from the date of delivery to the RoC. If the prospectus is not issued within this 90-day period, it becomes invalid and cannot be used for inviting subscriptions. Practical Implication:
- A prospectus must be issued/published within 90 days after filing it with the RoC
- If the 90-day period expires, the company must file a fresh prospectus with the RoC
- This provision ensures that the information contained in the prospectus remains current and relevant for potential investors
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