Public Limited Company


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 Ideal for Business to raise Capital from Public


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A public limited company ('PLC') is a company that is able to offer its shares to the public. Or public limited company is a company where the shares are widely held by public. In other word a public Limited Company is a voluntary association of members that are incorporated and, therefore has a separate legal existence and the liability of whose members is limited. Seven or more persons are needed as promoters of a Public Limited Company, out of which at least three persons should be the first directors of the company. There is no maximum limit on the numbers of shareholders of a Public Limited Company, while the maximum number of Directors as prescribed is fifteen, Which can be further Increased. The Shares of any Public Limited Company could be freely transferable. Here, the word "Limited" is added after the name of company. 


The Public Limited Companies are suitable for large scale of project where the capital requirement is very high, and the company is willing to obtain money from the public at large. Public Company registration is a complex procedure as it requires proper documentation. The working of the Public Company is subject to more strict compliances of the provision of the Companies Act 2013. A Public Limited Company can be either listed or unlisted. A Public Limited Company is strictly regulated and is required to publish its true financial health to its shareholders. And has to compulsorily present its financial statement and position publicly to maintain transparency.


PAN Card

Self attested PAN Card issued by I.T. Department

Aadhar Card

Self attested Aadhar Card issued by UIDAI

Id Proof

Self attested id proof (Voter ID/DL/Passport)

Address Proof

One month Bank statement/ telephone bill

Photographs

A latest passport-size colour photographs

Utility Bill

Latest electricity bill with NOC/ Rent Agreement

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Minimum Requirement for Public Limited Company

  1. Minimum 3 (three) Directors (one should be Resident of India) and
  2. Minimum 7 (seven) shareholders (directors can be a shareholders)

Benefits of Public Limited Company

Separate Legal Entity

A company has a legal distinct entity and is independent of its members. The creditors of the company can recover their money only from the company and the property of the company.


Limited Liability

The liability of members is limited to the contribution made by them. Members are under no obligation to pay any more than the value of the shares they have taken in the business.

Unlimited Source Fund

The Public Limited Company has an unlimited source of raising fund through Public, Bank or Institute which results in pursuance of new projects and for capturing the new market.

Transferable Shares

In a public limited company, the shares are freely transferable. The right to transfer shares is a statutory right and it cannot be taken away by a provision in the articles.

Issue of Securities

There is no restriction on the issue of securities to the general public. The company can issue the same via an initial public offer (IPO) or a bonus issue through private placement.

Documents required

PAN Card

Self attested PAN Card issued by I.T. Department

Aadhar Card

Self attested Aadhar Card issued by UIDAI

Id Proof

Self attested id proof (Voter ID/DL/Passport)

Address Proof

One month Bank statement/ telephone bill

Photographs

A latest passport-size colour photographs

Utility Bill

Latest electricity bill with NOC/ Rent Agreement

Frequently Asked Questions

A public limited company is a voluntary association of members which is incorporated and, therefore has a separate legal existence and the liability of whose members is limited.
A Public Limited Company must have a minimum of 3 Directors or 7 Shareholders and There is no maximum limit on the numbers of shareholders of a Public Limited Company, while the maximum number of directors as prescribed is fifteen, which can be further increased. One of the Directors of a Public Limited Company is mandatorily required to be an Indian resident. The other Director(s) can be a Foreign national.
The authorized capital is the capital limit authorized by the Registrar of Companies up to which the shares can be issued to the members / public, as the case may be. The paid-up share capital is the paid portion of the capital subscribed by the shareholders.
The Companies Act requires all companies formed in India to submit documents that declare the capital structure of the business, the business it is into and how it is run, owned and governed. These details are contained in the Memorandum of Association and Articles of Association. The Articles of association provides a framework for how the company should be managed by the directors.
No, but Companies Act, 2013, has introduced the concept of One Person Company (OPC) Private Limited, in which a single individual can start a Private Limited Company. Thus, if you plan to incorporate OPC, you can incorporate it with only one Director or Member.
Yes, A company can change its registered office any time by complying with the provisions of Companies act 2013. The changed address can be situated within the same state or in a different state from the state in which it was originally registered.
Yes, any foreign national or company or an NRI (non-resident Indian) can become a director or hold a share of a Public Limited Company in India. But at least one director on the Board of Directors of a public limited company in India must be a Resident of India.
Yes, a salaried person can become the Director in Public Limited Company, but there should not any legal bondages with your employment agreement if it contains any restrictions on doing so.
There is no restriction of maximum numbers of shareholders in a public limited company.
No, as per the Act, it is mandatory that the director needs to be at least 18 years of age.

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