law: Companies (Amendment) Act, 2000
  24.
  
  Amendment of section 67.-
  In
  
  section 67 of the principal Act,-
  (a)
  
  in sub-section (3), the following provisos shall be inserted, namely:-
  "Provided
  
  that nothing contained in this sub-section shall apply in a case where the
  
  offer or invitation to subscribe for shares or debentures is made to fifty
  
  persons or more:
  Provided
  
  further that nothing contained in the first proviso shall apply to the
  
  non-banking financial companies or public financial institutions specified in
  
  section 4A of the Companies Act, 1956 (1 of 1956).";
  (b)
  
  after sub-section (3), the following sub-section shall be inserted, namely:-
  "(3A)
  
  Notwithstanding anything contained in sub-section (3), the Securities and
  
  Exchange Board of India shall, in consultation with the Reserve Bank of India,
  
  by notification in the Official Gazette, specify the guidelines in respect of
  
  offer or invitation made to the public by a public financial institution
  
  specified under section 4A or non-banking financial company referred to in
  
  clause (f) of section 45-I of the Reserve Bank of India Act, 1934 (2 of
  
  1934).".