Private company 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 the law and by its articles,-
(a) restricts the right to transfer
its shares, if any;
(b) limits the number of its members to fifty.
(c) prohibits any invitation to the public to subscribe
for any shares in, or debentures of, the company;
(d) prohibits any invitation or acceptance
of deposits from persons other than its members, directors
or their relatives.
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