Cracking the Concept of Promoter's Obligation

Finally did it, scored 25/25 in the General Law paper. The topic that had been haunting me - Promoter's Obligation under Sec 43A of the Companies Act, 2013. I was stuck on this for weeks, reading it over and over. But, today, it all clicked. Sec 43A(1) states, "Save as otherwise expressly provided in this Act, the liability of a promoter who has been named as such in the prospectus or whose name has been so mentioned in the prospectus by him, shall not be restricted to the amount of the shares taken by him." Now, it's clear. I remember it now - promoters cannot escape liability just because they've bought their own shares. Sec 43A(3) goes on to list the exceptions to this rule. Phew, finally understood it!