Define a private company

 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:

1. Restricts the right to transfer its shares if any.
2. Prohibits any invitation to the public to subscribe for any shares or debentures of the company.
3. Limits the number of its members to 50 not including its employees members (present part).