Section 3(1)(iv) of the Companies Act, 1956 in India defines public company as:
A Company which is not a private company
Has a minimum paid-up capital of Rs. 5 lakhs or such higher capital as may be prescribed
Is a private company but subsidiary of a public company
In addition Certain Private Company will be deemed as Public Company provided they comply the condition of Sec 43 A of the Company Act
Detailed Summary of the procedural aspect of forming a Public Limited Company:
Selection of type of the company.
Selection of name for the proposed company.
Apply for Directors Identification Number and Digital Signatures.
Drafting of Memorandum and Articles of Association.
Stamping, digitally signing and e-filing of various documents with the Registrar.
Obtaining Certificate of Incorporation.
Preparation and filing of Prospectus/Statement in lieu of Prospectus and e-Form 19/20 (in case of public companies) for obtaining the certificate of commencement of business.
Obtaining Certificate of Commencement of business (in case of public limited companies).
