Every public company limited by shares and every company by guarantee and having a share capital, must within a period of not less than one month and not more than Six months from the date at which the to commence business, hold a general meeting of members which is to be called the Statutory Meeting. In this meeting, the members are to discuss a report by directors, known as the Statutory Report, which contains particulars relating to the formation of the Company. It the first meeting of the shareholders of a public limited company, which ought to take place within an exacting time after it is formed
A statutory meeting is the first meeting of the shareholders of a public limited company which is held only once in the lifetime of the company. It is not an absolutely clear term. But as provided under section 165 of the company’s act 1956 (Indian Commercial Law), it is a mandatory common meeting of the members of a company which is mandatory to be held within an assured arranged period of time. The purpose of the statutory meeting is to put the shareholders of the company in control of all the vital facts relating to the new company, what shares have been taken up, what moneys received etc.