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The main law regulating Private Limited Companies is the Companies Act 2013. [21] Prior to 2015, the shareholders (known as members) had to pay a minimum of ₹ 1 lakh (equivalent to ₹ 1.5 lakh or US$1,800 in 2023) as a subscription amount to incorporate a private limited company. [22] A private limited company can have at most 200 members.
The Companies Act 2013 (No. 18 of 2013) is an Act of the Parliament of India which forms the primary source of Indian company law. It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956 .
The Amendment Act (21 of 2015), passed to consolidate and amend the 2013 Companies Act, received assent from the President of India on 25 May 2015, and contained 23 sections. Official notice was published in the Gazette of India , [ 2 ] specifying 29 May as the date on which sections 1–13 and 15–23 of the act would come into force.
A private limited company is a limited company incorporated under the Companies Act 2013 (or one of its predecessor acts), with a minimum paid-up share capital (if any) of ₹ 1 lakh (US$1,200), with an article that restricts the transfer of its shares; it may have between two and two hundred members, and its name ends with "Private Limited ...
A private limited company, by its Articles of Association: (i) Restricts the right to transfer its shares; (ii) Limits the number of its members to fifty; and; (iii) Prohibits any invitation to the public to subscribe for shares or debentures of the company. A private limited company is required to use the words "(Private) Limited" as the last ...
Private companies may be called corporations, limited companies, limited liability companies, unlimited companies, or other names, depending on where and how they are organized and structured. In the United States but not generally in the United Kingdom , the term is also extended to partnerships , sole proprietorships or business trusts .
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Some provisions of the Act are still in force (as per Ministry of Corporate Affairs Website) Status: Repealed The Companies Act 1956 was an Act of the Parliament of India , enacted in 1956, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries . [ 1 ]