Andhra Pradesh Governor holds most capital shares

 

The registered and administrative office of the CCDMC will be in the ‘L’ Block of the AP Secretariat in Hyderabad. The CCDMC is a Special Purpose Vehicle set up under Companies Act-2013 for the development, implementation, operation and maintenance of Amaravati, the new capital city.

 

The state government on Saturday notified that the authorised share capital of the CCDMC will be Rs 100 crore divided into 10 lakh equity shares of Rs 10 each. The paid-up capital for the CCDMC will be Rs 100 crore, divided into 10 lakh equity shares of Rs 10 each. 

 

As per a GO, the municipal administration principal secretary is authorised to sign the incorporation papers for the new company on behalf of the state Governor and also to represent him in all the meetings of the company on his behalf.

 

Managing directors of MEPMA, APUFIDC, APUG&BC and Swachch Andhra Corporation will hold one share each. Public health engineer-in-chief and director of Town and Country Planning will also hold  one share each.

 

The principal secretary, municipal administration is authorised to sign and finalise the Memorandum of Articles and Articles of Association of CCDMC. The same official is also authorised to incur the incorporation of the company expenses like registration fees, stamp duty and professional fees. 

 

The registered and administrative address of the CCDMC is Municipal Administration and Urban Development Department, L-Block, Ground Floor, Room No. 105, Andhra Pradesh Secretariat, Hyderabad.