A statutory company in Pakistan is a type of company that is established by a special law or act passed by the government. These laws and acts typically outline the specific purpose, powers, and regulations of the company, and may also provide for government oversight or control.
Examples of statutory companies in Pakistan include the Pakistan Telecommunications Company Limited (PTCL), which is the largest telecommunications company in the country and is owned and operated by the government, and the Pakistan Industrial Development Corporation (PIDC), which is a state-owned corporation that promotes industrial development in Pakistan.
Statutory companies in Pakistan are typically subject to stricter regulations and oversight compared to other types of companies. For example, they may be required to submit regular reports to government agencies or to follow specific procedures for procurement or hiring.
One of the key characteristics of a statutory company is that it is established by a special law, passed by the government, outlining the specific purpose, powers and regulations of the company, and may also provide for government oversight or control.
Statutory companies are subject to stricter regulations and oversight compared to other types of companies, and their financial and operational activities may be audited by government agencies. They may be required to submit regular reports to government agencies or to follow specific procedures for procurement or hiring.
It’s important to note that laws, regulations and procedures may change and it is recommended to consult with a professional or relevant authorities before taking any action.
Overall, statutory companies play an important role in various sectors of Pakistan’s economy and provide important services to the public. However, due to their unique legal status, starting and managing a statutory company may require a greater understanding of government regulations and oversight.