Statutory Company : Meaning and Definition
Meaning and Definition of Statutory Company
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.
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