J&K General Administration Department (GAD) has accorded sanction to the creation of Jammu and Kashmir Forest Department Corporation (JKFDC) as a registered company in the Union Territory after repeal of Jammu and Kashmir State Forest Corporation Act-1978.
The Act was repealed in the wake of the implementation of the J&K Reorganization (adoption of state Laws) order 2020 of March 31 and ceasing of Jammu and Kashmir State Forest Corporation as such from the same day.
As per the GAD order, sanction has been accorded to the creation of company with all the assets and liabilities of Jammu and Kashmir State Forest Corporation as on March 31 under the Companies Act-2013.
“The authorized share of capital of the J&K Forest Development Corporation (JKFDC) will be Rs 10 crore, divided into one lakh equity share of Rs 1,000 each. All shares except two shall be held by the Lt Governor of the Union Territory of Jammu and Kashmir,” reads the order.
The order reads that one share each shall be held by the Secretary Forest department and Secretary Finance department.”
Meanwhile, the Board of Directors of the Corporation has also been constituted with administrative Secretary Forest department as Chairman.
The permanent staff of the J&K State Forest Corporation will continue to work with the J&K Forest Development Corporation under the existing terms and conditions of services till the time regulations of the Corporation are framed and come into force.
Meanwhile, according to a separate order, the GAD constituted a committee to prepare a plan on financial, legal and administrative matters of J&K Forest Development Corporation.
The committee will be served by the Forest department and it has been directed to submit its report within 15 days from the date of issuance of this order.