top button
Flag Notify
    Connect to us
      Site Registration

Site Registration

What is the Statutory company?

+1 vote
83 views
What is the Statutory company?
posted Jul 18, 2017 by Adarsh

Share this question
Facebook Share Button Twitter Share Button LinkedIn Share Button

1 Answer

0 votes

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
...