Under the Companies Act, 2013, which of the following is NOT a characteristic of a public company?

Under section 9 of the Companies Act, 2013, a company on incorporation becomes a body corporate, distinct from its members, having perpetual succession, with power to acquire, hold and dispose of property, to contract and to sue and be sued in its own name; since the Companies (Amendment) Act, 2015, a common seal is optional. Section 58(2) provides that the securities or other interest of any member in a public company shall be freely transferable, whereas restricting the right to transfer shares is a defining feature of a private company under section 2(68). Hence "Its shares are not freely transferable" is not a characteristic of a public company.