Govt constitutes SPVs for smart city project

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SRINAGAR: The government on Monday 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’.
Jammu Municipal Corporation, Town Hall, Jammu and Srinagar Municipal Corporation, Karan Nagar, Srinagar with serve as the registered offices of the respective companies.
Further, Hirdesh Kumar, IAS, Administrative Secretary (Housing & Urban Development Department) shall be the Director/Chairman of both companies to file all the necessary forms with Ministry of Corporate Affairs and to do all acts and deeds required for the registration.
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.
Accordingly , 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.
Similarly 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.
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

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