SAC approves Mass Rapid Transit Corporations for Jammu and Srinagar

SAC approves Mass Rapid Transit Corporations for Jammu and Srinagar

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Date of Post: 22 Feb, 2019

Under the chairmanship of Governor Satya Pal Malik, the SAC (State Administrative Council) approved the proposal for incorporation of two Corporations by the name ‘Jammu Mass Rapid Transit Corporation Pvt Ltd’ and ‘Srinagar Mass Rapid Transit Corporation Pvt Ltd’ along with the Memorandum of Association (MOA) and Articles of Association (AOA) of these Corporations.

More information:

  • These Corporations which will be headed by the Administrative Secretary Housing and Urban Development Department will have on its Board, Administrative Secretaries of Finance and Transport; Transport Commissioner; CEOs of Economic Reconstruction Agencies and Metropolitan Authorities; and other experts besides nominee of Ministry of Housing and Urban Affairs.
  • To provide requisite leadership, the Corporation will have Chief Executive Officers (CEO).
  • These Corporations will be extended arms of the Metropolitan Authorities (MRDAs), recently constituted by the Governors Administration, and will supplement these authorities especially in areas related to MMTS (Multi-Modal Transport System) and MRTS (Mass Rapid Transit System).
  • The two Corporations which will be fully owned by the Government of Jammu and Kashmir, will be “Body Corporates” with distinct seals and private limited.
  • The Corporations will have the initial authorized share capital of Rs 10 Crore divided into 1 crore shares of Rs 10 per each which will be subscribed fully by the State Government.
  • At any later stage, the authorized capital can be increased or decreased, depending on needs of the two Corporations.
  • These Corporations will be mandated to address the issues of urban mobility in the State in a holistic manner by providing safe, affordable, reliable and sustainable access      for the city inhabitants to jobs, education, and recreation etc.
  • It will ensure an efficient well integrated and intelligent multi-modal public transport system for enhanced and hassle-free mobility in the Cities.
  • It is expected that the setting of the Corporations to be a milestone in addressing the traffic issues in the State & Urban Mobility.

(  Please reach us at editor@railanalysis.com for more information. )

 

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