1 Being a public company has its advantages and disadvantages. On the one hand, investors who hold stock get liquidity. However, there are also tremendous regulatory, administrative, financial reporting and corporate governance bylaws to comply with. These activities can shift management’s focus away from operating and growing a company and toward compliance with and adherence to government regulations.
It has to comply the requirement of SOX Act, 2002 basically of section 404, & 302 and of course of penal provisions also.
Thus if the existing members of the company wants to take the benefit and bear the disadvantageous as discussed above then it can go to raise the fund through the public.
As mentioned at the last of the Question that it wants to have the full control over the Company and minimum Scrutiny then it should not go for it as in case of public company it requires transparency which is not in favor of the existing members however if it want to get the benefit of the advantageous and may bear the disadvantageous as discussed it may go for the same.