OVERVIEW
According to the section 3(1)(iv) of the Companies Act of 1956, a company is said to be a Public Company if:
1. It is not a private company
2. It has a minimum paid-up capital of Rs. 5 Lakhs and above
3. It is a private company which is a subsidiary of any public company

According to section 43A, a Private company is deemed to be a Public company when:
1. At least 25% of its paid-up share capital is held by one or more corporate bodies
2. Its annual turnover has been exceeding Rs. 25 crores since last three consecutive years
3. It holds at least 25% of the paid-up share capital of any public company
4. It accepts or renews deposits from the public after making invitation and advertisement.

Also, the minimum number of members in a public company is seven and such a company must have the word “Ltd” as last part of its name.

VAT Registration

Definition of VAT (Value Added Tax)
The Value Added Tax (VAT) is a form of the indirect tax, and takes into account all the multiple sales taxes connected with a product. VAT calculates the sales taxes in a different manner, but includes the taxes comprehensively.

Persons Liable to Pay Taxes
Transactions Considered Liable for Tax under the DVAT Act-Sales
Compulsory Registration

Board Meetings Procedures

The Section 285 of the Companies Act provides that every company, whether private or public, shall hold at least one meeting of the Board or governing bodies in a period of three months and thus, four meetings in a year. But a company registered under section 25 of the Companies Act, has the privilege to hold the Board meeting at least once in six months.

Board Meetings can be held during the business hours or outside the business hours, but are generally held during the business hours. Similarly board meetings can be held on any day, including the public holidays. There is no limitation on the place of board meetings

Board Meetings Minutes

Though not adequately and precisely defined in the Company Act, 1956, Minutes, are inherent and indispensable for a productive, relevant, and successful Board meeting. The minutes are nothing but the lawful precisely written records of place, date, activities, decisions, transactions, voting on resolutions, etc. connected with or occurred during the board meetings. Minutes can be classified according to the type of meetings, and are named as minutes of Board meeting, minutes of meetings of committee of the Board, or minutes of general meetings