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- A sort of corporate entity that is created by a unique act of parliament or legislation is referred to as a "Statutory Company" in the business world. Such firms' organisational structure, management, and operational practices are all governed by specific laws and regulations laid down in the legislation that gave rise to them. These rules make sure the business acts in the public interest and achieves the goals outlined in the law. The Reserve Bank of India, the Life Insurance Corporation of India, and the Airports Authority of India are a few examples of statutory companies.