COMPANIES ACT - 1963 (ACT 179)

    Section - 267 - Offers for Sale deemed to be made by Company

    Where any company allots or agrees to allot any of its shares or debentures to any person with a view to the public being invited to acquire any of those shares or debentures, then, for all the purposes of this Code, any invitation so made shall be deemed to be an invitation to the public made by the company as well as by the person actually making the same, and any person who acquires any such shares or debentures in response to the invitation shall be deemed to be an allottee from the company of those shares or debentures:

    Provided that where,

    (a) an invitation to the public is made in respect of any such shares or debentures within six months after the allotment or agreement to allot, or

    (b) at the date when the invitation to the public was made, the whole consideration to be received by the company in respect of the shares or debentures had not been so received,

    it shall be assumed, unless the contrary is shown, that the allotment or agreement to allot was made by the company with a view to an invitation to the public being made in respect of those shares or debentures.