Section 2 (71) states that a public company means a company which:

  1. is not a private company;

  1. has a minimum paid-up share capital , as may be prescribed:

Provided that a company which is a subsidiary of a company, not being a private company, shall be deemed to be public company for the purpose of this act even where such subsidiary company continues to be a private company in its articles.

Points to be kept in mind before incorporation of a Public Limited Company