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What is the Statutory company?

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What is the Statutory company?
posted Jul 18, 2017 by Adarsh

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When a Company is incorporated/formed by passing a Special Act at the Legislature, it is called as a Statutory Company.
- Though primarily they are governed under that Special Act, still the Companies Act, 2013 will be applicable to them.
- These companies are formed mainly with an intention to provide the public services like gas, water, electricity, etc.
- These companies are also known as the Statutory corporations or public corporations.
- The examples of such companies in India would be : Reserve Bank of India, Food Corporation of India, Life Insurance Company etc.

answer Jul 19, 2017 by Chetan Hindu