According to Sec. 56(3) of the Companies Act of 1956, a company cannot issue applications for issue of share or debentures. It cannot do so if it does not contain the salient features of the prospectus of the memorandum. This is known as ‘abridged prospectus’. In other words ‘abridged prospectus’ is a one that contains the salient features of the memorandum of the prospectus.