-The General Administration Department of State Government has 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.
-These companies will undertake the development works to turn Jammu and Srinagar into “Smart Cities”.
–The Registered Office of Jammu Smart City Limited will be headquartered at Jammu Municipal Corporation, Town Hall, Jammu while the Srinagar Smart City Limited will be headquartered in Srinagar Municipal Corporation, Karan Nagar, Srinagar.
-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.
-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.
-At present Hirdesh Kumar, Administrative Secretary (Housing & Urban Development Department) will be the Director/Chairman of both the companies.
-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.