Jammu, June 06 (KNO): The Administrative Council (AC) which met here under the chairmanship of Lieutenant Governor, G C Murmu today accorded sanction to creation of the Jammu and Kashmir Forest Development Corporation (J&K FDC) as a registered company under the Companies Act, 2013 to replace the Jammu and Kashmir State Forest Corporation (J&K SFC) which had ceased to exist after the reorganisation of erstwhile state of Jammu and Kashmir.
For registration of the company, the authorized share capital was fixed at Rs 10 Crores divided into 1 Lac equity shares of Rs 1000 each, whereas, it was decided that the Board of Directors will include Administrative Secretaries of departments of Forest, Ecology & Environment, Finance, Industries and Commerce, Rural Development, Tribal Affairs along with Principal Chief Conservator of Forests and Managing Director, JKFDC.
It was further decided that the assets and liabilities of the disbanded entity will be transferred to the newly established Forest Development Corporation and former’s permanent staff will continue working with the latter under the existing terms and conditions of services till new regulations are framed and adopted.
The Administrative Council also approved constitution of a committee of officers to prepare a roll out plan on the financial, legal and administrative status, functions and scope of the J&KFDC –(KNO)