Private company means a company which has a minimum paid-up capital of one lakh rupees or such higher paid-up capital as may be prescribed by the law and by its articles,-

(a) restricts the right to transfer its shares, if any;

(b) limits the number of its members to fifty.

(c) prohibits any invitation to the public to subscribe for any shares in, or debentures of, the company;

(d) prohibits any invitation or acceptance of deposits from persons other than its members, directors or their relatives.