Answer :

A prospectus is ‘any document or an invitation to the public to apply for securities (shares, debentures etc.) of the company or to make deposits in the company. This includes any notice, circular, advertisement or other document inviting deposits from the public or inviting offers from the public for the subscription or purchase of any securities.

A Prospectus is necessary for every company as it can invite the public to buy or invest in its shares.

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