Smart City: SPV registered as company

The UT Administration today got registered Chandigarh Smart City Company, the special purpose vehicle (SPV) for implementation of the Smart City project.The company, which has been registered with the Registrar of Companies, will have three directors and seven shareholders from among officials of the UT Administration and the Municipal Corporation (MC). The shareholders include Finance Secretary, Home Secretary, Transport Secretary and Chief Engineer from the UT Administration, and Commissioner and two Joint Commissioners of the MC.The company has one lakh equity shares of Rs 10 each. It will plan, approve and release funds, implement, manage, operate, monitor and evaluate the development works under the Smart City project. It will be a limited company incorporated under the Companies Act, 2013, at the city-level. — TNS