After a long deadlock of over one-and- a-half months, municipal corporation Jalandhar (MCJ) on Tuesday finally got its company registered under the Companies Act 2013 for the Smart City project.
The registered company that is also coined as special purpose vehicle (SPV) has been formed to implement various projects under the mission.
The SPV of Jalandhar city currently consists of three board of directors including deputy commissioner Kamal Kishor Yadav, municipal commissioner GS Khaira and superintendent engineer building and roads department (B&R) Kulvinder Singh.
On September 20, Union development ministry had announced the name of 27 cities. In Punjab, Jalandhar and Amritsar were chosen in the second round while Ludhiana had already made it to the list in the first round of the Smart City project.
Purpose of SPV’s
The implementation of the Smart City Mission will be done by the SPV constituted for the purpose. The work of the SPV will be to do the planning, giving the approval to the works, releasing funds along with operating and evaluating the projects to be carried under the Smart City Mission.
Funds provided by both Central and state governments having 50:50 share-holding also be operated as grant fund by SPV to the utilised for the project under the mission.
Company yet to be incorporated
SPV, which is also a limited company registered under the Companies Act 2013 for Jalandhar city, is yet to be incorporated. It currently has only three boards of directors.
As per the guidelines laid down by the Union ministry, the board of directors for SPV will have representatives of Central government, state government, a member of urban local body and an independent director in addition to the CEO and functional directors.
MCJ officials said that other members of the SPV will be incorporated after the state power high committee meeting to be held in Chandigarh soon.