Statutory meeting must be conducted by the:

Correct option is C

The correct answer is (c) Public Companies. Under the Indian Companies Act, Statutory Meeting was a mandatory requirement for every Public Limited Company that had a share capital. This meeting had to be conducted once in the lifetime of the company, within a period of 1 to 6 months from the date of commencement of business. The purpose of this meeting was to present the Statutory Report, which included details such as share allotment, cash receipts, preliminary expenses, directors, contracts, and underwriting details. However, it is important to note that the concept of Statutory Meeting was abolished under the Companies Act, 2013, but since many exam questions are based on the Companies Act, 1956, the traditional answer remains Public Companies. Private companies and partnership firms were never required to conduct statutory meetings.
Information Booster
1. Statutory Meeting was mandatory only under the Companies Act, 1956.
2. The meeting had to be conducted only once in the company’s life.
3. A Statutory Report had to be filed with the Registrar before the meeting.
4. Only Public Limited Companies with share capital were required to conduct it.
5. This meeting helped shareholders understand the initial financial position of the company.
Additional Information
· (a) Partnership Firms Incorrect because partnership firms are governed by the Indian Partnership Act, 1932 and have no legal requirement to conduct statutory meetings.
· (b) Private Companies Incorrect because private companies were exempt from holding statutory meetings even under the old Companies Act, 1956.
· (d) Statutory Companies Incorrect because statutory corporations (like RBI, LIC) are created by special acts of Parliament, and their meeting requirements differ; they are not required to hold statutory meetings under company law.