Private company : According to section 3(i)(iii) of the Companies (Amended) Act, 2000 a private means a company which has a minimum paid up capital of one lakh rupees or such higher paid-up capital as may be prescribed by and its articles provide for the following restriction:
- Restricts the right to transfer its shares if any.
- Prohibits any invitation to the public to subscribe for any shares or debentures of the company.
- Limits the number of its members to 50 not including its employees members (present part).
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