Question: What Is The Other Name Of Statutory Corporation?

Why does not government interfere in the financial matters of the statutory company?

Why doesn’t government interfere in the financial matters of a statutory corporation.

Because they are independently financed..

Which is not a merit of statutory corporation?

i)They are autonomous organisation. ii)They are a valuable instrument for economic development. iii)Where national security is concerned this form is the most suitable iv)The government generally does not interfere in their financial matters.

What does statutory corporation mean?

Statutory corporations are public enterprises brought into existence by a Special Act of the Parliament. The Act defines its powers and functions, rules and regulations governing its employees and its relationship with government departments. … It is a corporate person and has the capacity of acting in its own name.

Is RBI a statutory company?

RBI is a statutory institution . … Reserve Bank of India was established in terms of the RBI Act,1934 and commenced its business w.e.f. April 1,1935.

What is a departmental undertaking?

Departmental Undertakings can be defined as the most common and established forms of public enterprises of a country. Such an enterprise is financed as well as organised and managed by the ruling Government of that country itself. A prime departmental undertaking example is the Indian Railway.

What is a foreign company?

As per Section 591 of Companies Act 1956 foreign company means companies incorporated outside India which have established place of business within India where not less than fifty per cent , of the paid –up share capital (whether equity or preference or partly equity and partly preference) of a company incorporated …

What are the types of public sector?

One such mid-20th century exercise postulated a division of public sector organizations into three categories: departments, local governments, and ”the rest” embracing a mass of quasi-autonomous agencies.

What is constitutional body and statutory body?

Statutory bodies are established by an act of parliament whereas constitutional bodies are mentioned in the constitution and derive their powers from it.

What are the limitation of statutory corporation?

Government interference :In the matters related to some important decisions or involving huge investment, there is always government and political interference. 2. Corruption : Where it involves dealing with the public, corruption is inevitable.

Is BHEL a statutory corporation?

BHEL (Bharat Heavy Electricals Limited) is a public sector undertaking, working under Ministry of Heavy Industries, Govt. of India.

Which are government companies?

For the purposes of [this Act], Government company means any company in which not less than fifty-one per cent of the [paid-up share capital] is held by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments [and includes a …

What are the examples of statutory corporation?

Examples: Reserve Bank of India, State Bank of India, Life Insurance Corporation, Unit Trust of India, Employees State Insurance Corporation, Oil and Natural Gas Corporation etc. are some examples of statutory corporations.

What is statutory corporation Class 11?

4. Public Corporation/Statutory Corporation A statutory corporation is a body corporate formed by Special Act of Parliament or by the central or state legislation. It is fully financed by the government. (i) Features. (a) It is created by an Act of Parliament or central or state legislature.

Is Railway a statutory corporation?

Register the Indian Railways as either a section 25 company under the Indian Companies Act or a statutory corporation by an act of Parliament Register the zones such as Eastern Railway , Northern Railways as wholly owned subsidiary companies.

Which one of the following is statutory corporation?

Examples: Reserve Bank of India, State Bank of India, Life Insurance Corporation, Unit Trust of India, Employees State Insurance Corporation, Oil and Natural Gas Corporation etc. are some examples of statutory corporations.

Is India Post is an example of statutory corporation?

Answer: Is Indian post is an example of statutory corporation? Examples: Reserve Bank of India, State Bank of India, Life Insurance Corporation, Unit Trust of India, Employees State Insurance Corporation, Oil and Natural Gas Corporation etc. are some examples of statutory corporations.

Is SBI a statutory corporation?

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 43rd largest bank in the world and ranked 236th in the Fortune Global 500 list of the world’s biggest corporations of 2019.

What do you mean by public corporation?

“Public corporation” means an entity that is created by the state to carry out public missions and services. In order to carry out these public missions and services, a public corporation participates in activities or provides services that are also provided by private enterprise.