Public limited company means a company limited by its shares. In terms of section 3(1)(iv) of the Companies Act, 1956 a public company means a company which is not a private company and has a minimum paid-up capital of five lakh rupees or such higher paid-up capital as may be prescribed. A private company which is subsidiary of a public company is also a public company.
There are provisions under Companies Act under which companies are termed vanishing companies on satisfying certain conditions. it is provided a company would be deemed to be a vanishing company, if it satisfies all the conditions given below