MOUD RELEASES MODEL AOA FOR CITY LEVEL SPV TO BE SETUP UNDER SMART CITIES MISSION
Implementation of the Smart City Mission at the City level will be done by a Special Purpose Vehicle (SPV) created for the purpose. The SPV will plan, appraise, approve, release funds, implement, manage, operate, monitor and evaluate the Smart City development projects. The SPV will be a limited company incorporated under the Companies Act, 2013 at the city-level, in which the State/UT and the ULB will be the promoters having 50:50 equity shareholding. The affairs of the Company will be regulated by an Articles of Association (AoA) which shall include structure...