When a public limited company procures its capital from private
arrangement a statement in lieu of prospectus is submitted to the registrar in
absence of prospectus. When minimum subscription is not collected public
limited company prepare a statement in lieu of prospectus. It cannot invite the
public for purchase of any share or debenture.The statement must be signed by every person who is named therein as director or a proposed director of the company.
Contents in lieu of prospectus:
01 01.The name of the company
02 02. Statement of capital
0 03. Description of business the company
04 04 Name ,address, occupation of directors
05 05. Estimated initial expense
06 06.Name of the vendors
07 07. Material contract
08 08 .Directors interest
0 09.Minimum subscription