Jammu, Feb 21:
The State Administrative Council (SAC) under the chairmanship of Governor, Satya Pal Malik approved the proposal for incorporation of two Corporations by the name “Jammu Mass Rapid Transit Corporation Private Limited” and “Srinagar Mass Rapid Transit Corporation Private Limited” along with the Memorandum of Association (MoA) and Articles of Association (AoA) of these Corporations. 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.The Corporation will have Chief Executive Officers to provide requisite leadership. The Corporations will also have Manager, Company Secretary and Chief Financial Officer to be appointed by the respective Boards. 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 Multi-Modal Transport System (MMTS) and Mass Rapid Transit System (MRTS). The two Corporations will be “Body Corporates” with distinct seals and private limited but fully owned by the Government of Jammu and Kashmir. The Corporations will have initial authorized share capital of Rs 10 Crore divided into 1 crore shares of Rs 10 each which will be subscribed fully by the State Government. The authorized capital can be increased or decreased at any later stage 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, recreation etc. The Corporation will ensure an efficient well integrated and intelligent multi-modal public transport system for enhanced and hassle-free mobility in the Cities. The Corporations will offer facilities in the form of running taxicabs, lorries, buses, cars, trucks, station wagons, motors, railways, rail motors from one place to another as intercity or intra-city services or BRTS feeder bus services for free movement of passengers, goods and merchandise. The Corporations will undertake bus operations in Srinagar & Jammu to address the issues of congestion in the capital cities by inducting 300/400 buses each, which will provide a robust and reliable transportation system to the commuters.
