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Public Company Formation

OVERVIEW
According to the section 3(1) (iv) of the Companies Act of 1956, a public company is a company which:

  • Is not a private company .
  • Has a minimum paid-up capital of Rs. 5 Lakhs or such higher paid-up capital, as may be prescribed.
  • Is a private company which is a subsidiary of a company which is not a private company.


According to section 43A, a Private company is deemed to be a Public company when:

  • At least 25% of its paid-up share capital is held by one or more corporate bodies.
  • Its annual turnover has been exceeding Rs. 25 crores since last three consecutive years.
  • It holds at least 25% of the paid-up share capital of any public company.
  • It accepts or renews deposits from the public after making invitation and advertisement.

Also, the minimum number of members in a public company is seven and such a company must have the word “Ltd” as last part of its name.




Steps to set up a Public Limited Company