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Business Environment – Statutory Bodies and Corporations

Business Environment – Statutory Bodies and Corporations:

Statutory companies are known as Statutory Bodies and Corporations or Public Corporations. These are the public bodies operated by the statute. For e.g. – Reserve Bank of India (RBI), Life Insurance Corporation (LIC), Employee State Insurance Corporation etc.  In simple terms, it means a company or a body set up by statute.
The essential features of a public corporation are as under
  1. Management: Statutory Corporations are managed by the Board of Directors, appointed by the government.
  2. Accountability: Statutory Corporations are account and audited by the Comptroller & Auditor of India (CAG) as they are accountable to public & parliament. This ensures public accountability.
  3. No Interference: In day to day working of the corporation, political interference is not allowed because Statutory Corporations have its own pattern.
  4. Objectives: It works on profit objective and as such its activities are commercial in nature.
  5. Answerability: It is answerable to the Parliament as regards to its objectives.
  6. Capital Contribution: Its capital is wholly owned by the Government. The public is not the shareholders of this type of organization as compared to that of Government Company.
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