Statutory corporations are public undertakings that come into existence via a Special Act of the Parliament. The Act defines its rules and regulations powers and functions, governing its employees and its bondage with government departments. This is a corporate body created by the legislature with set functions and powers and is economically independent with a clear control over a particular area or a specific type of commercial activity. It is a corporate person and has the ability of functioning in its own name. Statutory corporations, hence have the power of the government and significant amount of functioning flexibility of private undertakings.