The Companies Act, 1956
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).