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State with re...

Question

State with reasons whether the following statements are True or False.

Statutory corporations need not follow the companies Act 1956.

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Solution

Statutory Corporation need not follow the companies act 1956- False

Explanation:
The above statement is incorrect. Statutory corporations need to follow the Companies Act, 1956. To put in different words, they are subject to the rules and regulations as specified under the Act.

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