Question
Define a public company. Describe the procedure for converting a public
company into a private company.
Answer :
Word Count : 585
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Skip in 10
A public company is a company which is not a private company and has the right to invite the public to subscribe to its securities, subject to the provisions of the Companies Act, 2013. Under Section 2(71) of the Companies Act, 2013, a public company means a company which is not a private company and has a minimum paid-up share capital as may be prescribed. A public company generally requires at least seven members and at least three directors. Its shares are ordinarily freely transferable, and it may raise capital from the public through an offer of securities in accordance with law. A public company may convert itself into a private company when its members and management consider that the restrictions and regulatory requirements applicable to public companies are no longer suitable for its business. The conversion is governed mainly by Sections 13, 14 and 18
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