Which of the following does NOT relate to privileges available to a private company?

Only two directors are required to constitute the quorum to validate the proceedings of the meetings. Limit on payment of maximum managerial remuneration applies to a private company. It can commence its business immediately after incorporation. Holding of a statutory meeting or filing of a statutory report is not required by a private company.

Limit on payment of maximum managerial remuneration applies to a private company.

Limit on payment of maximum managerial remuneration does not apply to a private company.