There are only 3 options to this question however i would like to answer with 4th option, which is Strongly Disagree. No product will become harmful for consumption after the shelf-life is over. In fact shelf-life is a bit misleading term which should actually be replaced by Best Before Date (BBD), as this is the date after which the actives present in a product say emulsifier, stabilizer, culture, color, flavor etc etc start to loose their impact and the product may not taste the same, may loose texture, become soft, overall not as good as it was freshly manufactured but it is never harmful for consumption.
True, A perfect explanation from Pankaj.
To add to above just for info,
Aspartame, In case of infant milk substitute and infant foods the "Expiry Date" is used but not BBD. As these nutritional foods may get microbial or chemically unsafe after date of expiry.
I also agree with your discussion sir. Just want to add that shelf life is concerned with food quality not with food safety.
In India We have Manufacturing Line Codes
like Expire Date......
Use Before /Best Before..
The Product having Expire date..on the product pack may harmful after Expire Date , and these mostly on pharma products but those having Use before ,it means manufacturar assure to consumer ,the Best before Date...i don't think is harmful after Use before date ,but it depends on the product.