The term "Statutory Company" refers to a type of corporate entity that is created by a special act of parliament or legislation. Such companies are subject to specific regulations and rules outlined in the act that created them, including their structure, management, and operations. These regulations ensure that the company operates in the public interest and meets the objectives set out in the legislation. Examples of statutory companies include the Reserve Bank of India, Life Insurance Corporation of India, and Airports Authority of India.
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