[Notification/Effective date:12-09-2013 except clause (b) of sub-section (1) and sub-section (2)]
Section 23- Public offer and private placement[New Provision]
(1) A public company may issue securities-
(a) to public through prospectus (herein referred to as "public offer") by complying with provisions of this Part; or
(b) through private placement by complying with the provisions of Part II of this Chapter: or-[Clause (b) made effective from: 01.04.2014]
(c) through a rights issue or a bonus issue in accordance with the provisions of this Act and in case of a listed company or a company which intends to get its securities listed also with the provisions of the Securities and Exchange Board of India Act,1992 and the rules and regulations made there under.
(2) A private company may be issue securities-
(a) by way of rights issue or bonus issue in accordance with be provisions of this Act; or
(b) through private placement by complying with the provisions of Part II of this Chapter-[clause (b) made effective from:01.04.2014]
Explanation:- For the purposes of this Chapter. “Public offer” includes initial public offer or further public offer or securities to the public by a company, or an offer for sale of securities to the public by an existing shareholder, through issue of a prospectus.