The correct answer is option 'B' - unlimited.

In the case of a public company, the maximum number of members is unlimited. Let's understand why this is the case.

Public Company: A public company is a company that offers its shares to the public for investment. It is registered under the Companies Act and can raise capital by issuing shares to the general public. The shares of a public company are freely transferable, and the company may have a large number of shareholders.

Members in a Company: Members are the individuals or entities who hold shares in a company. They are the owners of the company and have certain rights and obligations.

Maximum Number of Members: The Companies Act, which governs the operations of companies in India, does not prescribe a maximum limit on the number of members in a public company. Therefore, the correct answer is option 'B' - unlimited.

Reasoning: The reason behind not having a maximum limit on the number of members in a public company is to allow for greater participation of the public in the ownership and governance of the company. This provides an opportunity for a large number of individuals to invest in the company and benefit from its growth and profitability.

Advantages of Unlimited Members: Having unlimited members in a public company offers several advantages:

1. Larger Capital Base: With a large number of members, a public company can raise a significant amount of capital, allowing it to undertake large-scale projects and expansion plans.

2. Diversified Ownership: The ownership of a public company is spread among a large number of shareholders, which reduces the risk for individual investors and provides a diversified ownership structure.

3. Enhanced Corporate Governance: Public companies are subject to stricter regulatory requirements and corporate governance standards. With unlimited members, there is a higher level of scrutiny and accountability, leading to better governance practices.

4. Market Liquidity: Since the shares of a public company are freely transferable, unlimited members ensure greater liquidity in the market, allowing shareholders to buy or sell their shares easily.

In conclusion, the maximum number of members in a public company is unlimited. This allows for broader participation of the public in the ownership and governance of the company, leading to increased capital, diversified ownership, enhanced governance, and market liquidity.