Statutory companies like lic
This query is : Resolved
Nitesh Kumar Sharma
(Querist)
01 November 2011
please describe ----
applicability of the companies act, 1956 on statutory companies like LIC etc.
thanks
applicability of the companies act, 1956 on statutory companies like LIC etc.
thanks
CS Pawan Kumar Baid
(Expert)
02 November 2011
There are certain provisions which are not applicable to Statutory corporation. Further, there are some provisions which are applicable only to Govt Companies.
E.g. Audit of statutory corporation is done by C&AG of India, and not by Auditor. Balance Sheet is placed before Parliament/State Legislature, and so on.
E.g. Audit of statutory corporation is done by C&AG of India, and not by Auditor. Balance Sheet is placed before Parliament/State Legislature, and so on.
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