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section 4 of the companies Act, 1956

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(Querist)
13 July 2010 Dear friends

Please answer if a public company acquires 70% shares of a pvt. company, then-

whether the pvt company will need to increse its members and directors to 7 & 3 ?
whether the paid up capital should be increased to Rs. 5 Lac.
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Srikant

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Srikant (Expert)
13 July 2010 no.
But it will be deemed as public ltd Co. hence all the provisions that are applicable to a private ltd. Co will be applicable to this Co, even if the Share Capital and members are not as that of a public ltd.Co.
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