law: Companies Act, 1956
  Sec 63    -    Criminal
  
  liability for misstatements in prospectus
  (1) Where a prospectus issued after the
  
  commencement of this Act includes any untrue statement, every person who
  
  authorized the issue of the prospectus shall be punishable with imprisonment
  
  for a term which may extend to two years, or with fine which may extend to
  
  fifty thousand rupees, or with both, unless he proves either that the statement
  
  was immaterial or that he had reasonable ground to believe, and did up to the
  
  time of the issue of the prospectus believe, that the statement was true.
  (2) A person shall not be deemed for the
  
  purposes of this section to have authorized the issue of a prospectus by reason
  
  only of his having given - 
  (a) the consent required by section 58 to the
  
  inclusion therein of a statement purporting to be made by him as an expert, or
  (b) the consent required by sub-section (3) of
  
  section 60.