Question

State whether the following statements are True or False.
(a) There is no chartered company in India.
(b) LIC is a statutory company.
(c) At least five persons are needed to form a public company.
(d) The minimum paid up capital of a private company must be Rupees five lakh.
(e) A private company can invite public deposits.
(f) The shares of a public company are transferable.
(g) A subsidiary of a public company is also a public company.
(h) The concept of private company deemed to be public no longer exists in India.

Answer 1

(a) True.

(b) True.

(c) False, The minimum limit to form a public company is 7 members.

(d) False, The minimum paid up capital should be 1,00,000 rupees.

(e) True.

(f) True.

(g) True.

(h) True.