Private limited company should have a minimum paid-up share capital of Rs.1 Lakh or such higher capital as may be prescribed. Private limited company restricts the right of transfer of its share. By the Articles of Association of private limited company it limits the number of its members to 50 which do not comprise of mehttp://www.blogger.com/img/blank.gifmbers who are employees of the company, members who are ex-employees of the company and were members while in such employment and who have continued to be members after ceasing to be employees and prohibits any invitation to the public to subscribe for any shares or debentures of the company. The Article of Association of the private limited company also restricts any invitation or acceptance of deposits from persons other than its members, directors or their relatives. Above mentioned are the basic characteristics of a private limited company in India. A private limited company must restrict the above mentioned terms by its Articles of Association which is drafted by a business consultant and it should be vetted by the Registrar of companies in the respective state in India.
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