Q.What was a Statutory Meeting? Is it still required to be held under the Companies Act, 2013?
Under the Companies Act, 1956 (Section 165), every public company limited by shares, and every public company limited by guarantee and having a share capital, was required to hold a special, one-time meeting called the Statutory Meeting, at some date not earlier than one month and not later than six months from the date it became entitled to commence business.
Before this meeting, the Board had to send every member a Statutory Report, at least 21 days in advance, showing details such as the total shares allotted, the cash received in respect of them, an abstract of receipts and payments up to a date within seven days of the report, and the names, addresses and occupations of directors and auditors. A certified copy also had to be filed with the Registrar. The purpose was to give members an early, one-time opportunity to review how the company had actually been promoted and floated, before it settled into its normal cycle of Annual General Meetings.
Position under the Companies Act, 2013: this requirement has been abolished — the current Act contains no section corresponding to the old Section 165, and no public company incorporated or governed today is required to hold a statutory meeting or file a statutory report. It survives only as a matter of legal history and comparative study, useful for understanding why some very old companies' records mention it, and it should not be confused with the Annual General Meeting, which remains fully in force under Section 96.
The Statutory Meeting was a one-time meeting every public company had to hold under Section 165 of the 1956 Act, along with a Statutory Report; it has been abolished and is not required under the Companies Act, 2013.
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