Recent developments and prospects of the company and any group etc. and because of this is against the very intention of the existing members as they want to minimize the public scrutiny but here if public become the member of the Company then they have the right to get those detail of the company which they are entitled for example :
To check the various type of registers such as charge, members, investments, minutes of the board meeting and minute of the general meeting those which they are allowed as per the law and the article of the company however article of a public company cannot reduce the transparency rather they can enhance the Same, and enhancing is not in the favor of existing member as they have expressed about the same.
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.