Srinagar: On Monday, the governor-led administration accorded the creation of the company, Jammu and Kashmir Forest Development Corporation (JKFDC), converting the Jammu and Kashmir State Forest Corporation (JKSFC) into a government-owned corporation. All the assets and liabilities of JKSFC will be under Companies Act 2013.
It came after JKSFC ceased to exist on 31 March following the repeal of its constitutional act in Jammu and Kashmir Reorganization (Adaptation of State Laws) Act 2020.
Accorded by Additional Secretary to the government, Rohit Sharma, the order directed that the authorized share capital of JKFDC shall be 10,00,00,000 rupees, divided into a lakh rupees equity shares of a thousand rupees each. “All shares except two shall be held by the Lieutenant Governor [of J-K],” the order stated. Among the rest of the two shares, one each shall be held by the Administrative Secretary of Department of Forest, Ecology, and Environment and Administrative Secretary of the Finance Department.
There will be seven board of directors of the JKFDC, including chairman of the Administrative Secretary of Department of Forest, Ecology and Environment and managing director of JKFDC.
The order, number 669-JK (GAD) 2020, further added that the permanent staff of the J-K State Forest Corporation also reserves all the jobs currently held by the JKSFC shall continue with the JKFDC under the existing terms and conditions of the service.
An earlier version of this story wrongly mentioned that JKFDC is a privately owned company. The mistake is regretted.