Under Section 42 Companies Act 2013 (Private Placement), an offer or invitation to subscribe to securities cannot be made to more than:

1. Section 42(2) Companies Act 2013: 'A private placement shall be made only to a select group of persons who have been identified by the Board (herein referred to as the identified persons), whose number shall not exceed FIFTY OR SUCH HIGHER NUMBER AS MAY BE PRESCRIBED, in a financial year subject to such conditions as may be prescribed.' 2. Rule 14 of Companies (Prospectus and Allotment of Securities) Rules 2014 prescribes the higher number as 200 PERSONS IN THE AGGREGATE IN A FINANCIAL YEAR. 3. QIBs and ESOP allottees are EXCLUDED from the 200-person count. 4. Violation makes the issue a deemed public issue (Section 42(10) penalty). 5. Hence option A is correct. _Source: Companies Act 2013 (Act 18 of 2013), Govt. of India MCA — Companies Act 2013, Section 42(2); Companies (Prospectus and Allotment of Securities) Rules 2014, Rule 14_