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A private company was set up with a total of 190 members. Later, the Board decided to allot ESOP to about 36 of the best

A private company was set up with a total of 190 members. Later, the Board decided to allot ESOP to about 36 of the best performing employees. After some time, 15 of these employees left the company. Legal advisor of the company has suggested that the company needs to convert itself into a 'Public Ltd Company'. Comment on the legality of this advice and give your suggestions.

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