Dear Mr Kumar (acme),
Statutory is legal point which you are oblidge to follow it like all the labour laws say factory act, bonus act, gratuity act.... all the act pertaining to labour which time to time follow. Like under the factory act their is annual return submission and half yearly submission which by default you need practise/follow. In Contract Labour (Regulation & Abolition Act) under it all the register the contract has to keep like I-Card Register, Wage Register, Damages REgister, Leave Register, Adult Register.....etc and every year before ending of the licence date he has to formally take the Form 5 from the principal and prescribed format to submit at Labour Office.
Mandatory - Is the defined by the Management, HR Polcies, Practice by which any information required will be cleared or information will be received. Like for e.g. there are good number of register where security has to maintained which is mandatory like visitor register, vehicle register, Inward & Outward register, loading and unloading register etc... which need to be kept, maintained & updated at daily/hourly. In this at any movement of time if we require to see which vehicle has come at which time we can cross-check. This is called mandatory. Second of the leave policy it varies from company to company. Now in the opening of the year some company gives 7 SL, 7 CL and PL/20 (or comapanies defined one at every 10 days). Now Personnel dept has to ensure within the precribed employees take the leaves and if it cross then "No wage days" This is mandatory as it not defined in Labour Law Act except the PL (which is also said as leave earned)
Hope now you are clear