India : SMART CITY PROJECT: Govt constitutes SPVs with share-holding

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.

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 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.

 

Source : http://www.greaterkashmir.com/news/srinagar-city/smart-city-project-govt-constitutes-spvs-with-share-holding/258297.html

SMART GRID Bulletin October 2017


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