Section 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given, or has before delivery of the prospectus for registration withdrawn, his written consent to the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there does not appear in the prospectus a statement that he has given and has not withdrawn his consent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 effec t, 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