Stages in the formation of a public company are in the following manner
(a) Promotion, Commencement of business, Incorporation, Capital Subscription
(b) Incorporation, Capital Subscription, Commencement of business, promotion
(c) Promotion, Incorporation, Capital Subscription, Commencement of Business
(d) Capital Subscription, Promotion, Incorporation, Commencement of Business
In case of a public company, its formation follows the stages given below.
(a) Promotion
(b) Incorporation
(c) Capital Subscription
(d) Commencement of business
Hence, the correct answer is option (c).