Section 70: Offers for sale deemed to be made by the company

Where any company allots or agrees to allot any of its securities to any person with a view to the public being invited to acquire any of those securities then, for all the purposes of this Act, any invitation so made shall be deemed to be an invitation to the public made by the company as well as by the person actually making the invitation, and any person who acquires any such securities in response to the invitation shall be deemed to be an allottee from the company of those securities:
Provided that where:(a) an invitation to the public is made in respect of any such securities within six months after the allotment or agreement to allot ; or
(b) at the date when the invitation to the public was made, the whole consideration to be received by the company in respect of those securities had not been so received, it shall be deemed, unless the contrary is proved, that the allotment or agreement to allot was made by the company with a view to an invitation to the public being made in respect of those securities.