A shelf prospectus filed with the ROC remains valid for:

1. Section 31(1) — shelf prospectus is valid for one year from the OPENING of the first offer of securities under that prospectus. 2. The validity is anchored to issue-opening date, not registration or closing. 3. Hence (C). _Source: ICAI BoS CA Inter Paper 2 — Prospectus and Allotment_