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There is no ceiling or a "maximum" for having ans Authorized Share Capital for a Private Company.
The pro's and con's depend upon the ambitions, strategy and sustainability of the Company.
Having a high authorized share capital reduces the cumbersome of process of increasing the authorized capital every time you need funding or have to allot shares. The face value will not matter at the incorporation stage but will definitely be a landmark indicator at later stages, especially when it comes to allotting shares at a premium. Hence, my suggestion would be keeping the authorized capital at Re. 1/- but the number of shares as high as a a million or 10 mil if you wish.
The only con that I can think of is - Compliance Cost. Some of the provisions of the Company Act, 2013, become applicable to Private Companies on the basis of their Authorized Capital and Paid-up Capital. Similarly, the fee's for filing compliance forms (Registrar of Companies or Ministry of Corporate Affairs - MCA) is also decided on the authorized capital. For example, the fee's for filing an Annual Return of a Private Company maybe Rs. 200 for a company with lesser Authorized Capital or maybe Rs. 500 for one with higher capital. This was at least the case in earlier companies act but the Rules might have undergone a change under the new regime
