Jammu, Nov 4: Legal impediments and bureaucratic hassles are delaying the constitution of much-awaited State Road Development Corporation in Jammu and Kashmir.
 Official sources told Greater Kashmir that after the cabinet nod for creation of SRDC in August, the concerned officials started the registration process but the matter got stuck due to their failure to complete the requisite formalities in time.
 The setting up of SRDC is expected to allow privatizing road infrastructure. The Corporation shall comprise of eight Board members with Minister for Roads and Buildings as its Chairman. It will have minister of state for R&B as its vice-chairman and administrative secretaries of Finance, Planning and Development, Forest, Housing and Urban Development, Public Works (R&B) and Managing Director JKSRDC, as its members.
 The SRDC would be executing only mega road projects requiring large investment across Jammu and Kashmir.
 Sources in the state administration claimed that the Projects Organization, presently executing the construction of Mughal Road project, has submitted the proposal for registration of SRDC before Registrar of Companies months back.
 “The registrar of companies have demanded Director Identification Number (DIN) of all the eight members - constituting the Board of Directors,” they said adding that there were lot of formalities for getting a Corporation registered, especially when the government is a party.
 An official in R&B Department, on the condition of anonymity, said that in the initial stage the SRDC will execute its functions from the two offices of Projects Organization, at Channi Himat Jammu and at Lal Mandi Srinagar.
 They further said that initially the seed money sought for setting up of Corporation was Rs 1 crore but later the demand for Rs 5 crores was sent to government and it has also been approved by the Chief Minister.
 After the registration of SRDC, sources said, the first meeting of the Corporation will be held which will start process for conducting surveys of important roads, tunnels, bridges to be constructed on Public Private Partnership mode.

Lastupdate on : Sun, 4 Nov 2012 21:30:00 Makkah time
Lastupdate on : Sun, 4 Nov 2012 18:30:00 GMT
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