What is the suitability of statutory …

A statutory corporation is a corporation created by statute. Their precise nature varies by jurisdiction thus they might be ordinary companies/corporations owned by a government with or without other shareholders, or they might be a body without shareholders which is controlled by national or sub-national government to the (in some cases minimal) extent provided for in the creating legislation.
Statutory corporation are public enterprises brought into existence by a Special Act of the Parliament. The Act defines its powers and functions, rules and regulations governing its employees and its relationship with government departments.

This is a corporate body created by the legislature with defined powers and functions and is financially independent with a clear control over a specified area or a particular type of commercial activity. It is a [corporate personhood|corporate person] and has the capacity of acting in its own name. Statutory corporations therefore have the power of the government and considerable amount of operating flexibility of private enterprises. Few are

• Airports Authority of India
• Damodar Valley corporation
• National Highways Authority of India
• Central Warehousing Corporation 
• Inland Waterways Authority of India 
• Food Corporation of India 
• National Human Rights Commission

Features:

1. Generally financed by the central or state government.
2. May borrow funds from the public and govt. organisation through statutory sources.
3. they have separate legal entity.
4. they have to frame their own policies & procedures within the scope of state legislature.
5. providing better services to public & make adequate profit.
6. they are autonomous in their functioning thus they enjoy operation flexibility.
7. they can recruit & appoint their employee with their service condition, since they are corporate body.
8. they have to follow the special statute strictly.
9. there is less government interference in matters of the corporation.
10. there is limited liability of the members of the corporation