Section 4(4) in Punjab Apartment and Property Regulation Act, 1995
(4)When any person makes an advance or deposits on the faith of the advertisement or prospectus, and sustains any loss or damage by reason of any untrue statement included therein, he shall be compensated by,-(a)the promoter, if an individual;(b)every partner of the firm, if the promoter is a firm;(c)every person who is a director at the time of issue of the advertisement or prospectus, if the promoter is a company;Provided, however, that such person shall not be liable if he proves that,-(a)he withdrew his consent to become a director before the issue of the advertisement or prospectus; or(b)the advertisement or prospectus was issued without his knowledge or consent, and on becoming aware of its issue, he forthwith gave reasonable public notice that it was issued without his knowledge or consent; or(c)after the issue of the advertisement or prospectus and before any agreement was entered into with buyers of plots or apartments, he, on becoming aware of any untrue statement therein, withdrew his consent and gave reasonable public notice of the withdrawal and of the reasons therefor.
