It is type of meeting held once in the life time of the company and is held after one month of business and within 6 months of its incorporation
What Is Statutory Meeting As Per Company Act 1956?
Statutory Meeting is a special type of meeting of members of a public limited company,which is intended to be held only once in life time of a company.
TYPES OF COMPANIES TO HOLD STATUTORY MEETING
The following type of companies are required to convene and hold a statutory meeting in accordance with the provisions of section 165 of the Companies Act, 1956:-
•A public Company limited by shares;
•A Public Company limited by guarantee having a share capital.
Therefore a private company and a private limited company, converted into public limited company is not required to hold statutory meeting.
Statutory Meeting is held only one time by a company. It is compulsary for a limited company to hold a statutory meeting before the commencement of its business. If not a penalty is charged to the company.