We provide consistent services in Private Limited Company Formation in India. We follow well defined service plan and are supported by professionals holding rich industry experience. Incorporation of Company in India includes Private Limited Company Incorporation, Company Registration India. Moreover, we also emphasize on every detail while maintaining close proximity with clients regarding best legal advice.
This goes to say that a private company in india, in addition to the earlier conditions, shall have a minimum paid-up share capital of Rupees One Lakh or such higher capital as may be prescribed and its Articles shall prohibit invitation or acceptance of deposits from persons other than its members, directors or their relatives. In case of such companies, public interest is not involved.
The basic characteristics of a Private Company in terms of section 3(1)(iii) of the Act do not get altered just because it is a subsidiary of a Public Company in view of the fiction in terms of section 3(1)(iv)(c) of the Act that it is a Public Company. May be it is a Public Company in relation to other provisions of the Act but not with reference to its basic characteristics. In terms of that section, a company is a Private Company when its articles restrict the right of transfer of shares, restrict its membership to 50 (other than employees shareholders) and prohibits invitation to public to subscribe to its shares. Therefore, all the provisions in the articles to maintain the basic characteristics of a Private Company in terms of that section is restriction on the right to transfer and the same will apply even if a Private Company is a subsidiary of a Public Company.
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