Private company clause as per companies act 2013

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Arun Singh (Querist)
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04 October 2013 Please let me know whether the private company clause is correct as stated below:

The Company is a Private Company within the meaning of Section 2(68) of the Companies Act,2013 and accordingly:-
(a) No invitation shall be issued to the public to subscribe for any securities of the Company.
(b) The number of members of the Company (exclusive of persons who are in the employment of the
Company and 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) shall be limited to two hundred, provided that for the purpose of this definition where two or more persons jointly hold one or more shares in the Company, they shall be treated as a single member: and
(c) The right to transfer the shares of the Company is restricted in the manner and to the extent hereinafter appearing.
(d) The Company Prohibits any invitation or acceptance of deposits from persons other than its members, directors or their relatives.

Ajay Mishra

Ajay Mishra (Expert)
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04 October 2013 Hi

The clause (d) as given above is not applicable now as per new definition of private company under new CA, 2013.

Ajay Mishra

Ajay Mishra (Expert)
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04 October 2013
New Format:

PRIVATE COMPANY
3. The Company is a Private Company within the meaning of Section 2(68) of the Companies Act, 2013 and accordingly:-
(a) The right to transfer shares in the Company is restricted in the manner and to the extent hereinafter appearing
(b) The number of members of the Company (exclusive of persons who are in the employment of the Company, and persons who having been formerly in the employment of the Company, were members of the Company while in the employment and have continued to be members after the employment ceased) shall be limited to two hundred; provided that for the purpose of this definition where two or more persons jointly hold one or more shares in the Company, the shall, be treated as a single member, and.
(c) No invitation shall be issued to the public or subscribe for any securities of the Company.

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Arun Singh

Arun Singh (Querist)
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04 October 2013 thanks ajay..

Ajay Mishra

Ajay Mishra (Expert)
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04 October 2013 My Pleasure.............

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