J&K Orders constitution of SPV'S for Smart Cities
Government of Jammu and Kashmir 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 each Smart City Company will start 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.
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.
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.
"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," The state government said.
It further added that 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.
