Govt forms SPVs for Smart City Projects - watsupptoday.com
Govt forms SPVs for Smart City Projects
Posted 22 Aug 2017 11:56 AM

Giving a push to the Smart City Project for the twin capital cities of Jammu and Srinagar, the State Government today ordered constitution of two Special Purpose Vehicles (SPVs) as Companies Limited by Shares and also appointed the Chief Executive Officers (CEO) of these SPVs.
Dr Farooq Ahmad Lone, Officer on Special Duty (OSD) in the Tourism Department, shall hold the additional charge of the post of CEO, Special Purpose Vehicle (SPV) for Srinagar City while M Raju, Commissioner, Jammu Municipal Corporation, shall hold the additional charge of the post of CEO, SPV for Jammu City.
The SPV Companies have been named as Jammu Smart City Limited and Srinagar Smart City Limited, under the Companies Act 2013 both with authorized share capital of Rs 10 lakh only, divided into Rs one lakh equity shares of Rs 10 each and paid up capital of Rs 10 lakh only.
The registered office of Jammu Smart City Limited shall be headquartered at Jammu Municipal Corporation, Town Hall, Jammu and that of Srinagar Smart City Limited at Srinagar Municipal Corporation, Karan Nagar, Srinagar.
Hirdesh Kumar, Administrative Secretary (Housing & Urban Development Department) shall be the Director/Chairman of ‘Jammu Smart City Limited’ and ‘Srinagar Smart City Limited’ to file all the necessary forms with Ministry of Corporate Affairs and to do all acts and deeds required for their registration.
According to a Government order, the composition of Board of Directors of ‘Jammu Smart City Limited’ shall include Administrative Secretary, Housing & Urban Development Department as Director/Chairman, Convener (to be appointed by State Government not below the rank of Special Secretary), who will act as Director/CEO, Inspector General of Police Jammu- Director, DC Jammu -Director, Vice-Chairman, JDA-Director, Commissioner, JMC – Director, Director, Archives, Archaeology and Museum, J&K – Director, nominee of Ministry of Urban Development, Government of India -Director, Independent Directors to be appointed by Minister for Housing & Urban Development with one from Legal, one from Finance, one from Technical and one from Environment background.
Accordingly the first Directors of the Board for ‘Jammu Smart City Limited’ include Hirdesh Kumar, Administrative Secretary, Housing & Urban Development Department (HUDD), Dr S D Singh, Inspector General of Police, Jammu, Kumar Rajeev Ranjan, DC Jammu, Mohammad Shafi Zahid, Director, Archives, Archaeology and Museum, Jammu and Kashmir, Raju Manian, Commissioner, JMC, Rajesh Kumar, Vice-Chairman, JDA..
Similarly for ‘Srinagar Smart City Limited’ the Board of Director shall include Administrative Secretary, Housing & Urban Development Department as Director/Chairman while Convener shall be appointed by State Government, not below the rank of Special Secretary to State Government. Inspector General of Police, Kashmir, Deputy Commissioner, Srinagar, Vice-Chairman, Srinagar Development Authority, Commissioner, SMC, Director Archives, Archaeology and Museum, J&K and a nominee of Ministry of Urban Development, Government of India shall be its Director. Independent Directors shall be appointed by Minister for Housing & Urban Development with one from Legal, one from Finance, one from Technical and one from Environment background.
The first Directors of ‘Srinagar Smart City Limited’ include Hirdesh Kumar, Administrative Secretary, Housing & Urban Development Department (HUDD), Muneer Ahmed Khan, Inspector General of Police, Kashmir, Syed Abid Rasheed Shah, DC Srinagar, Mohammad Shafi Zahid, Director, Archives, Archaeology and Museum, Jammu and Kashmir, Shafqat Majid Khan, Commissioner, SMC and Sheikh Thaseen Mustafa, Vice Chairman, SDA .
The subscribers to Memorandum of Association (MoA) and Articles of Association (AoA) of the ‘Jammu Smart City Limited’ include Hirdesh Kumar, Administrative Secretary, HUDD with 49997 shares of Rs 10 each valuing 499970, Shaheen Mohammad Ashraf, Director Finance, HUDD with one share valuing 10, Hari Dutt, Joint Director (P&S), HUDD with one share valuing 10, Kumar Rajeev Ranjan, Deputy Commissioner, Jammu with one share valuing 10, Raju Manian, Commissioner, JMC with 49998 shares valuing 499980, Neeraj Gupta, Chief Accounts Officer, JMC with one share valuing 10 and Ranjit Singh, Secretary, JMC with one share valuing 10.
Similarly, the subscribers to Memorandum of Association (MoA) and Articles of Association (AoA) of the ‘Srinagar Smart City Limited’ include Hirdesh Kumar, Administrative Secretary, H&UDD with 49997 shares of Rs 10 each valuing 499970, Shaheen Mohammad Ashraf, Director Finance, H&UDD with one share valuing 10, Hari Dutt, Joint Director (P&S), H&UDD with one share valuing 10, Syed Abid Rasheed Shah, DC Srinagar with one share valuing 10, Dr Shafqat Khan, Commissioner, SMC with 49998 shares valuing 499980, Abdul Majid Raina, Joint Commissioner Works, SMC with one share valuing 10 and Hilal Ahmed Deewani, Secretary, SMC with one share valuing 10.
According to the order, the present arrangement shall subsist till the Companies are registered under the Companies Act, 2013 and thereafter, the affairs of these Companies shall be governed by the MoA and AoA under the Companies Act 2013.

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