01 August 2007
As per Sec. 3 a pvt.company which is the subsidiary of a Limited company also covers under in same ambit i.e means pvt.co. also a public co. . In such a case minimum how many members required for that Pvt.co. whther 2 or 7.
02 August 2007
Sec.3.Definitions of company, existing company, Private company and public company.— 1) In this Act, unless the context otherwise requires, the expressions "company", "existing company", "private company" and "public company", shall, subject to the provisions of sub-section (2), have the meanings specified below :— (i) "company" means a company formed and registered under this Act or an existing company as defined in clause (ii): (ii) "existing company" means a company formed and registered under any of the previous companies laws specified below:— (a) any Act or Acts relating to companies in force before the Indian Companies Act, 1866 (10 of 1866) and repealed by that Act; (b) the Indian Companies Act, 1866 (1006 1966); (c) the Indian Companies Act, 1882 ( 6 of 1882); (d) the Indian Companies Act, 1913 (7 of 1913); (e) the Registration of Transferred Companies Ordinance, 1942 (54 of 1942); and (f) any law corresponding to any of the Act or the Ordinance aforesaid and in force in the merged territories or in a Part B Sate, or any part thereof, before the extension thereto of the Indian Companies Act, 1913( 7 of 1913); (iii) "private company" means a company which, by its articles,— (a) restricts the right to transfer its shares, if any; (b) limits the number of its members to fifty not including — (i) persons who are in the employment of the company, and (ii) persons who having been formerly in the employment of the company, were members of the company while in that employment and have continued to be members after the employment ceased; and (c) prohibits any invitation to the public to subscribe for any shares in, or debentures of, the company; Provided that where two or more persons hold one or more shares in a company jointly, they shall, for the purposes of this definition, be treated as a single member; (iv) "public company" means a company which is not a private company. (2) Unless the context otherwise requires, the following companies shall not be included within the scope of any of the expressions defined in clauses (i) to (iv) of sub-section (1), and such companies shall be deemed, for the purposes of this Act, to have been formed and registered outside India:— (a) a company the registered officer whereof is in Burma, Aden or Pakistan and which immediately before the separation of that country from India was a company as defined in clause (i) of sub-section (1); (b) a company the registered office whereof is in the State of Jammu and Kashmir and which immediately before the 26th day of January, 1950, was a company as defined in clause (i) aforesaid.
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