388. Provisions as to expert’s consent and allotment
(1) No person shall issue, circulate or distribute in India any prospectus offering
for subscription in securities of a company incorporated or to be incorporated outside India,
whether the company has or has not been established, or when formed will or will not
establish, a place of business in India,—
(a) if, where the prospectus includes a statement purporting to be made by an
expert, he has not given, or has before delivery of the prospectus for registration
withdrawn, his written consent to the issue of the prospectus with the statement
included in the form and context in which it is included, or there does not appear in the
prospectus a statement that he has given and has not withdrawn his consent as
aforesaid; or
(b) if the prospectus does not have the effect, where an application is made in
pursuance thereof, of rendering all persons concerned bound by all the provisions of
sections 33 and 40, so far as applicable.
(2) For the purposes of this section, a statement shall be deemed to be included in a
prospectus, if it is contained in any report or memorandum appearing on the face thereof or
by reference incorporated therein or issued therewith.