CA PCC/PCE Group I : Law Ethics and Communication - November 2008 - 12 » salma Kamdar's answer

CA PCC/PCE - Group ILaw Ethics and CommunicationNovember 200812 • salma Kamdar's Answer
What is meant by "Shelf prospectus"? Who can file a "Shelf prospectus" with the Registrar of Companies? Stating the provisions of Companies Act, 1956 point out the circumstances under which such prospectus is required to be filed with the Registrar of Companies.
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  1.  Section 60A of the Companies Act , 1956 lays down the provision with regards to Shelf Prospectus.
  2. Shelf Prospectus means a Prospectus issued by any Public Financial Institutions ,Public Sector Banks or Schedule Banks whose main objective is financing.
  3. This Prospectus is issued so that the Financial Institutions can issue its securities more than once during a period of 12 months.
  4. A company Filing a Shelf Prospectus With the Registrar shall not be required to file a Prospectus afresh at every stage of offer of securities within a period of 12 months.
  5. During the process of issue of Shelf Prospectus the Financial institutions must issue Information Memorandum for the changes in the company which has taken place in between the date of issue of Prospectus and the date of issue of Securities.
  6. Here Financing means , making loans or subscribing in the capital of a Private Industrial Enterprise engaged in Infrastructural Financing or such other company which the central Government may so notify on this behalf.