contemplated is invitation by negotiation as opposed to invitation by advertisement

Domestic concern, however, has not been defined, but what is contemplated is invitation by negotiation as opposed to invitation by advertisement. The Amendment Act 2000 has put a limit to the number of persons by adding a proviso to Sec. 67 (3) by which an invitation to 50 or more persons will be treated as an invitation to the public to subscribe for shares or debentures. Summing up the overall effect of Section 67 it may, tills, be stated that the important point to be considered, while deciding as to what constitutes an offer is that if. an offer makes the shares and debentures available for subscription by persons other than those receiving tile offer, it is deemed to have been made to the “public”. Again, if the invitation to subscribe for share or debentures is made to 50 or more persons, it is deemed to be made to the public even though the offer is a specific offer to be accepted by those to whom it is made.