After my Analysis of Section 2(71) of CA, 2013 which is reproduced as below,
2... (71) “public company” means a company which— (a) is not a private company; (b) has a minimum paid-up share capital of five lakh rupees or such higher paid-up capital, as may be prescribed:
Provided that a company which is a subsidiary of a company, not being a private company, shall be deemed to be public company for the purposes of this Act even where such subsidiary company continues to be a private company in its articles ;
it is nowhere mention regarding the minimum number of members for public company (i.e. seven).
Please comment on this. Whether it is a clerical error in Law or there is anything hidden or it is written anywhere else?
Please refer Section 3 (1)(a) of the Companies Act, 2013, which mentions that "A Company may be formed for any lawful purpose by (a) seven or more persons, where the company to be formed is a public company..........................."
Hence, Sec 2(71) and Sec.3(1)(a) both sections to be referred
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