Any company which is not a private company is called a public company. According to the Indian Companies Act, a public company is one :
(1)That has minimum of seven members and the maximum number is unlimited.
(2)That has a minimum paid up capital of 5 lakhs.
(3)That allows its members to transfer their shares and invites public to subscribe to its share capital public deposits.
(4)A private company is treated as a public company if it is a subsidiary of a public company.