Meaning

A statutory meeting was the first and only compulsory meeting of shareholders that every public company limited by shares or guarantee (having share capital) was required to hold under the Companies Act, 1956.

Position under Companies Act 1956

• Timing: It was to be held not earlier than 1 month and not later than 6 months from the date of commencement of business.
• Statutory Report: At least 21 days before the meeting, the Board had to send a statutory report to every member and file a copy with the Registrar.
• Contents of Statutory Report:
  1. Total shares allotted.
  2. Total cash received in respect of shares allotted.
  3. Abstract of receipts and payments up to a date within 7 days of the report.
  4. Names, addresses, and occupations of directors, auditors, managers, and secretaries.
  5. Particulars of any contract to be submitted to the meeting for modification.
  6. Arrears of calls due from directors.
  7. Estimated amount of preliminary expenses.
• Auditor certification: The statutory report had to be certified as correct by at least two directors (one being MD/Secretary) and audited by the company's auditors as to cash received and payments made.

Current Position under Companies Act 2013

The Companies Act, 2013 has abolished the requirement for a statutory meeting. There is no provision in the 2013 Act mandating a statutory meeting. Therefore, the concept is now only of historical significance.

Distinction from Other Meetings

Meeting	Frequency	Who attends
Statutory Meeting	Once (abolished under 2013 Act)	Members
AGM	Every year	Members
EGM	As and when required	Members
Board Meeting	Minimum 4 per year	Directors

Objective

The purpose of the statutory meeting was to give shareholders an opportunity to discuss the affairs of the newly formed company and review the use of funds raised from the public, soon after the company commenced business. Under the 2013 Act, these objectives are achieved through annual reports, periodic disclosures, and SEBI regulations for listed companies.