Smart City Project: Govt constitutes SPVs with share-holding - watsupptoday.com
Smart City Project: Govt constitutes SPVs with share-holding
Posted 22 Aug 2017 12:42 PM

agencies

The Government today ordered constitution of Special Purpose Vehicles (SPVs) as Companies Limited by Shares under the Companies Act-2013 named as ‘Jammu Smart City Limited’ and ‘Srinagar Smart City Limited’ for implementation of Smart City Development Projects in Jammu and Srinagar under Smart City Mission of Government of India.
According to an order issued by the General Administration Department (GAD) each Smart City Company will start with with Authorized Share Capital of Rs 10 lakh divided into 1,00,000 (One Lakh) Equity Shares of Rs 10 each and Paid Up Capital of Rs 10 lakh each for both ‘Jammu Smart City Limited’ and ‘Srinagar Smart City Limited’ for implementation of Smart City Development Projects in Jammu City and Srinagar City under Smart City Mission of Government of India as sanctioned vide Ministry of Urban Development, Government of India Office Memorandum No: K-15016/157/2015-SC-1 dated: 28.06.2017.
According to the order, 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.
It further said that Hirdesh Kumar, IAS, 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 the registration of both the
Companies.
The composition of Board of Directors of ‘Srinagar 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 to State Government, Director/CEO, Inspector General of Police, Kashmir, Director, Deputy Commissioner, Srinagar-Director, Vice-Chairman, Srinagar Development Authority-Director, Commissioner, Srinagar Municipal Corporation- 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.
Similarly for ‘Jammu Smart City Limited’, the Board of Directors 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 to State Government, who will act as Director/CEO, Inspector General of Police Jammu- Director, Deputy Commissioner Jammu -Director, Vice-Chairman, Jammu Development Authority-Director, Commissioner, Jammu Municipal Corporation- 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, Deputy Commissioner, Jammu, Mohammad Shafi Zahid, Director, Archives, Archaeology and Museum,
Jammu and Kashmir, Raju Manian, Commissioner, Jammu Municipal Corporation, Rajesh Kumar, Vice-Chairman, Jammu Development Authority.
Similarly, 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, Deputy Commissioner, Srinagar, Mohammad Shafi Zahid, Director, Archives, Archaeology and Museum,
Jammu and Kashmir, Shafqat Majid Khan, Commissioner, Srinagar Municipal Corporation, and Sheikh Thaseen Mustafa, Vice Chairman, Srinagar Development Authority.
The subscribers to Memorandum of Association (MoA) and Articles of Association (AoA) of the ‘Jammu 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, Kumar Rajeev Ranjan, Deputy Commissioner, Jammu with one share valuing 10, Raju Manian, Commissioner, Jammu with Municipal Corporation with 49998 shares valuing 499980, Neeraj Gupta, Chief Accounts Officer, Jammu Municipal Corporation with one share valuing 10 and Ranjit Singh, Secretary, Jammu Municipal Corporation 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, Deputy Commissioner, Srinagar with one share valuing 10, Dr Shafqat Khan, Commissioner, Srinagar with Municipal Corporation with 49998 shares valuing 499980, Abdul Majid Raina, Joint Commissioner Works, Srinagar Municipal Corporation with one share valuing 10 and Hilal Ahmed Deewani, Secretary, Srinagar Municipal Corporation 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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