A public restricted firm has been outlined in part 3 (2) (iv) to imply which- (a) isn’t a personal restricted firm to be prefered.
(b) The minimal paid-up capital of a public firm which has 5 lakh rupees or such increased paid-up capital as could also be prescribed. (c) is a personal restricted firm which is a subsidiary of an organization which isn’t thought of as a personal restricted firm. As per amendments made in clauses (iii) and (iv) of sub-section (1) by the Act of 2000. The minimal paid-up capital of a personal restricted firm will need to have Rs.1 lakh for his or her registration. The minimal paid-up capital of a public restricted firm will need to have a Rs.5 lakhs. This requirement can solely be compiled with by the promoters/ subscribers to the memorandum by subscribing for the shares of the requisite paid-up share capital by way of subscription clause of the memorandum of affiliation of its registration. Consequence of failure to impact improve : An current firm having lower than the required minimal paid-up share capital should. Nevertheless, make sure that the paid-up capital is elevated not less than to the extent of the prescribed sum of Rs.1 lakh or Rs.5 lakhs.
Because the case could also be, inside 2 years from the date of the registration of the businesses (Modification) Act, 2000 which is 13-12-2000. In case of default, thought of the supply has been made beneath sub-section (5) to the impact that such an organization is take into account as a defunct firm beneath part 560. In such an occasion, the Registrar isn’t required to adjust to the process laid down in sub-sections(1), (2) and (3) of part 560. It might right away strike off the corporate identify from the register. Publish a discover of it within the Official Gazette when it comes to s.560(5). Any member or any creditor could, nevertheless, method the Courtroom for its revival beneath s.560(6) by producing proof in help of enhancement of the paid-up share capital of the corporate. It seems that the supply is taken into account to made in sub-section (5) might not be in public curiosity.