Unit III · Law of Investments and Securities

Allotment, criminal and civil liability for misstatements

Study aid only. Confirm statute numbers with the current bare Act and the official OU LL.B. (3-YDC) 2024–25 syllabus PDF.

Statute sections

Act / instrument	Section	Name
Companies Act, 2013	23	Public offer and private placement
Companies Act, 2013	33–35	Issue of application forms; civil liability for misstatements in prospectus
Companies Act, 2013	34	Criminal liability for misstatements in prospectus
Companies Act, 2013	42	Private placement

(2013) 1 SCC 1 · Supreme Court of India

Refund, attachment and disgorgement can be ordered to protect subscribers to an illegal public offer.

SAT / disclosure line · Securities Appellate Tribunal

Investors and insiders who fail statutory disclosure in a public or listed company expose themselves to SEBI directions.