Write short notes on the following: Shelf prospectus and Red herring prospectus.

a) Shelf prospectus means a prospectus in respect of which the securities are issued for subscription over a certain period without the issue of a further prospectus. Red herring prospectus means a prospectus which does not include complete particulars of the quantum or price of the securities offered b) Shelf prospectus is governed by section 31 of the Companies Act, 2013 and Red herring prospectus is governed by Section 32 of the Companies Act, 2013. c) Shelf prospectus is issued by class or classes of companies, as prescribed by the SEBI, where the issue takes place in stages, like the ones issued by scheduled banks, public financial institutions, non-banking financial companies. Red herring prospectus is issued by all companies except those are given under shelf prospectus. d) A company filing a Shelf prospectus is required to file information memorandum between the first offer of securities or the previous offer of securities and the succeeding offer of securities. A company proposing to issue a Red herring prospectus should file it with the ROC at least three days prior to the opening of the subscription list and the offer.